Why Giving Assets to Your Kids Can Backfire
Giving property or money to children may seem simple, but it can create major problems when marriages, taxes, creditors, or family disagreements get involved.
In this episode of The Legal Exchange, Todd Lutsky and Susan Powers discuss two real-life cases that show why giving assets away during life can go wrong, especially in second marriages, divorce situations, and life estate planning. They also explain how trust planning can help protect children from disinheritance, why a life estate can leave parents without control over their home, how adopted children and stepchildren are treated…
The skinny
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