Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.
An overlooked way to pass down your home without probate Clients who want to leave their real estate property to their loved ones may want to set up a life estate to help the beneficiaries avoid costs associated with probate, a Kiplinger article states. Although clients still retain control of, and responsibility for the property, they should consider consulting a professional as the setup could lead to tax repercussions. For example, "giving away assets through a life estate can affect the timing of Medicaid eligibility and trigger gift taxes for your heirs," according to the report.
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