Tag: Medicaid planning
Should I Put My House in an Irrevocable Trust?

Should I Put My House in an Irrevocable Trust?

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Should you place your house into an irrevocable trust? In this YSR FAQ episode, Dennis explains why irrevocable trusts can become far more complicated than many people expect.

This conversation covers why families consider irrevocable trusts for nursing home or Medicaid planning, along with the long-term tradeoffs that come with giving up control of property. Dennis also explains the tax implications of selling a home inside an irrevocable trust, how step-up in basis rules work, and why timing matters when considering these strategies.

If you’ve heard that irrevocable trusts automatically protect your assets, this episode provides a balanced perspective on both the potential benefits and the risks families should carefully evaluate before making permanent decisions.

Key takeaways:

  • What makes an irrevocable trust different
  • Why timing and age matter
  • The risks of losing control over property
  • Potential tax consequences for heirs 
  • And more!

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