NEVER Gift Your House – IRS Nightmare Awaits!

Описание: NEVER Gift Your House – IRS Nightmare Awaits!
Gifting your home to your children might seem like a generous act of love, but it is often a catastrophic financial mistake that hands the IRS a massive payday. This video explains the critical concept of the "Step-Up in Basis," which is lost the moment you sign a quitclaim deed while you are still alive. By transferring the property early, you burden your heirs with your original purchase price, potentially triggering hundreds of thousands of dollars in capital gains taxes when they eventually sell.
#realestate #taxes #estateplanning #trusts #money #wealth
Furthermore, the video exposes the "Medicaid Trap," where a five-year look-back period can claw back the gift to pay for nursing home care, leaving your family with nothing. The smart solution detailed here involves using a Revocable Living Trust or an Irrevocable Asset Protection Trust. These legal structures allow you to maintain control, avoid the nightmare of probate, preserve the tax-saving step-up in basis for your children, and shield the asset from long-term care creditors.

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