C
cthiell
Guest
I'm looking for some advice on estate planning.
I'm 70 years old and my wife is 69. I own a house and want to ensure it is passed to my children and not the state when we die or are placed in assisted care living. Essentially asset protection. I understand if the property is not placed in one of my children's names the state can take it. I also found out there's something called a "look back" period of 5 years so if the house is placed in my Son's name and I die tomorrow, the state could still claim it. I've also been told that placing property in your children's names was deemed illegal a number of years ago because so many people were doing it. What sort of plan should I pursue to ensure my children inherit my property ?
Thanks
I'm 70 years old and my wife is 69. I own a house and want to ensure it is passed to my children and not the state when we die or are placed in assisted care living. Essentially asset protection. I understand if the property is not placed in one of my children's names the state can take it. I also found out there's something called a "look back" period of 5 years so if the house is placed in my Son's name and I die tomorrow, the state could still claim it. I've also been told that placing property in your children's names was deemed illegal a number of years ago because so many people were doing it. What sort of plan should I pursue to ensure my children inherit my property ?
Thanks