In the realm of estate planning, it’s not uncommon for parents to contemplate giving their homes to their adult children during life. There would be no need for probate, the parents can still live in the house, and there may even be some Medicaid planning accomplished. But this seemingly straightforward strategy can lead to significant legal and financial complications.
(more…)Tag: IRS
-
In the realm of estate planning, it’s not uncommon for parents to contemplate giving their homes to their adult children during life. There would be no need for probate, the parents can still live in the house, and there may even be some Medicaid planning accomplished. But this seemingly straightforward strategy can lead to significant…
-
The Pitfalls of Giving Your House to Adult Children During Life
In the realm of estate planning, it’s not uncommon for parents to contemplate giving their homes to their adult children during life. There would be no need for probate, the parents can still live in the house, and there may even be some Medicaid planning accomplished. But this seemingly straightforward strategy can lead to significant…