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Ask Todd: Life Estates vs. Irrevocable Trusts: What Are You Really Giving Up?
On this week’s Ask Todd, Todd Lutsky breaks down the real differences between life estates and irrevocable trusts — and why the “quick fix” solution isn’t always the best one.
Todd explains:
How much control you actually give up with a life estate
Why irrevocable Medicaid trusts are often used to protect assets from long-term care costs
The five-year lookback rule and what it means for nursing home planning
Capital gains consequences when selling property held in a life estate
What happens when a parent leaves property to just one child — and how gift tax rules apply if proceeds are shared
If…
The skinny
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