Many people ask us if it is a good idea to give their home to their children. While it is relatively easy to do, giving away your house can have major tax consequences, among other negative results.
GIFT TAX ISSUES: When you give anyone assets valued at more than $15,000 in any one year...
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Category: Gifting
Joint Accounts with Children = Poor Estate Plan
Three Reasons Joint Accounts May Be a Poor Estate Plan
By Jeremy A. Wechsler, Esq.
Your Estate Planning & Asset Protection Attorney
Many people see joint ownership of investments, bank accounts and real estate as an inexpensive way to avoid probate since joint property passes automatically to the joint owner upon...
Caution: Gifting & Medicaid
Many seniors and retirees consider gifting assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust can initially make a lot of sense because they can save money in taxes and long-term care expenditures, and they can help out family members in...