My father is 85 and he wants to leave me his house in a trust with a life estate? What type of real estate?

Asked by Jason, 01845 Thu Feb 7, 2008

trust is recommended for him in regards to qualifying for medicaid and what is better for me in regards to reducing taxes, such as captial gains?

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Alan May, Agent, Evanston, IL
Thu Feb 7, 2008
Jason, I'm not an attorney, or a CPA, but it sounds as though you may be talking about a "living trust". Your father can put everything he owns into the living trust, and name you (and any siblings) as successor trustees, and that would help minimize your tax exposure including capital gains.

But please, please, please don't rely on any information you'll receive here (including from me), consult a tax attorney and or a Certified Public Accountant.
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