The house in our names; paid for by the son--how should the will or trust be worded--(being freed from gift tax and probate) placing this in his name?
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Read More Answered By: Michael Brandabur |
There are a number of potential issues as play here and I would strongly suggest you consult with an experienced probate or elder law attorney. There is an interplay of taxation issues, potential medicare/medicaid, marital property and other issues. Making the "wrong" choice could cause substantial financial consequences that may be avoided with some inexpensive front end planning. |
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