can my 83 yr old transfer her assets to her children money and home to reduce the tax liability

It is not possible to answer this based on the information given.  If you are trying to avoid estate taxes, the money will be drawn back into the estate, if the person dies within 3 years o the gift.  In order to avoid the taxes, the person must give up all indicia of ownership of the asset.  I prefer to let elderly people keep their assets to pay for their own care instead of worrying about taxes.  estate taxes will nt be inucrred unless the estate is over $675,000