Is it better to transfer my life savings to my children or to a Trust?
Many attorneys are not familiar with the specially designed family trust and encourage their clients to transfer the family home and other assets directly to the children. There are many pitfalls to transferring the home or other assets to the children that could put your life savings in jeopardy such as:
(1) Bankruptcy of a child
(2) Lawsuits involving a child
(3) Divorce of a child
(4) Health problems of a child
(5) Death of a child before a parent
Furthermore, transferring your assets to your child could have negative tax consequences for your child and the potential loss of college financial aid for your grandchildren.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.