Gifting Assets To Your Children

What is the best way to give my assets to my children?

The best way to give assets to your children is with an Irrevocable Trust. This will save you hundreds of dollars in taxes each year and your children thousands of dollars in taxes in the future.

Can I give all my assets to my children to protect them from future Long Term Care Expenses and what are the consequences of doing this?

Yes you can give all your assets to your children but it will probably cost you hundreds of dollars in real estate taxes each year and will probably cost your children thousands of dollars in capital gain taxes when you die.

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Can I give away $10,000 per year to my children and pay no taxes?

Yes you can but any gift to your children will disqualify you from receiving or qualifying for Medicaid benefits. If you are concerned about gift taxes you can give away up to $1 million dollars and pay no gift taxes.

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