Newtown Tax Attorney - Do I have to give my home to my children in order to protect it from the cost of a nursing home?
Newtown Estate Planning Q&A
Newtown Estate Planning Q&AQ: Do I have to give my home to my children in order to protect it from the cost of a nursing home?
A:
While some people choose to simply give their home to their children as a way to protect it from the cost of long-term care or a Medicaid lien, doing so might cause unintended consequences. First you must understand that once you give you house away, it no longer belongs to you. If you decide to move, stay in the home or buy a different home, you are at the mercy of your children. Additionally, when you transfer your home to your children, you have subjected your home to the creditor risks of your children. If they get divorced or get sued, your home becomes part of the legal proceeding. Additionally, if your give away your home during your lifetime, you also give your children a carried-over tax basis which could result in a large capital gains tax once your pass and your children sell the house. You are much better off using an irrevocable income only trust. This trust will protect your home from the cost of long-term care, avoid probate upon your death and provide a stepped-up basis to avoid capital gains tax upon your death. Meanwhile your home is not subject your children's creditors or spouses.
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Orsi Arone Rothenberg Iannuzzi & Turner LLP
Jerry Turner, Esq., CPA
160 Gould Street, Suite 320
Needham, MA 02494-2300
617-216-3947 (phone)
781-239-8909 (fax)
Newtown Tax Attorney - Do I have to give my home to my children in order to protect it from the cost of a nursing home?
By: Gerald Turner
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2024-12-4 15:33
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