I recently published an article titled “Don’t Gift Your House To Your Children” which highlighted the pitfalls of gifting your house to your kids versus setting up a Medicaid Trust to own your house, as an asset protection strategy to manage the risk of a long-care care event taking place in the future. That article prompted a few estate attorneys to reach out to me to present a third option which involves gifting your house to your children with a life estate. While the life estate does solve some of the tax issues of gifting the house to your kids with no life estate, there are still issues that persist even with a life estate that can be solved by setting up a Medicaid trust to own your house.

In this article, I will cover the following topics:

• What is a life estate?
• What is the process of gifting your house with a life estate?
• How does the life estate protect your assets from the Medicaid spend-down process?
• Tax issues associated with a life estate
• Control issues associated with a life estate
• Comparing the life estate strategy to setting up a Medicaid Trust to own your house

Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
Visit our website: [ Ссылка ]
Subscribe to our channel for more financial planning tips: [ Ссылка ]

#medicaidassetprotectiontrust #greenbushfinancial

свернуть