January 17, 2006
My home sweet home is my most valuable asset. My home is where my heart is. I do not want to lose my home, home on the range. The question you ask is how do we, the estate planning professionals, prepare a proper plan to protect and transfer what is for most people, the single most valuable asset they possess, their home.
Do you desire to protect your home from the expenses of long term care, to insure to the extent possible that Medicaid will not seek to recover against your home for the costs of long term medical care? Is it your goal to ensure that your family inherits the home upon your death and reduce the tax consequences of transferring the ownership of your home to the greatest extent? If so, you may find it interesting to learn that the traditional conveyance of the home outright during lifetime to family or others poses many problems and may not be the best method of accomplishing your goals of protecting and transferring your home.
The outright transfer of real estate or joint ownership of property creates many issues which are solved with the use of a life estate...
You may read more at the link below.
by: Julie A. Dialessi-Lafley, Esq.