There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
On the surface, the difference between revocable and irrevocable trusts couldn’t be any more straightforward. You can change your revocable trust whenever and however you choose. You can’t change your irrevocable trust at all.
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
Develop a successful transition plan that will provide for you, your heirs and your business.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
QUOTE Effective long-term care planning can require gifting assets to a spouse or child. In Medicaid cases, assets must be transferred to the community spouse
Trusts can be a highly effective tool in nursing home planning. Certain types of trusts are effective even when a nursing home stay is imminent
Across the board, legal documents can be confusing. Just think about the paperwork needed to take out a mortgage – the legalese is overwhelming. And
In 2005, Congress passed legislation which, among many, many other things, changed the way a Medicaid applicant’s resources and past transfers are considered. This bill is called the Deficit Reduction Act of 2005 and was signed by the President on February 8, 2006.[Read More]
If you’ve transferred assets within the lookback period, the state is going to assess an eligibility penalty period based on the value of all the transfers you made within that 60-month window. The penalty period can be calculated by dividing the value of that gift by the penalty divisor. [Read More]
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