Many people think that giving their house to the kids is a good strategy for getting help with the exorbitant costs of long-term care. There are definitely better ways to plan for the costs of aging.
- Giving your house (or money) to your kids may not achieve what you think it will.
- Giving away assets while still living can wreak havoc on everyone’s taxes.
- Signing over any sort of property can severely limit your choices in the future.
- A “nest egg” trust is a great way to avoid the pitfalls of signing your house or property over to your kids.