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Give My House to My Children? Why Not?
Episode Summary:
In this essential episode, Tom Begley tackles the widespread question of transferring a home to children, debunking myths around probate, taxes, and long-term care protection. The discussion contrasts risky outright deeds with smarter options like life estates and specialized trusts to preserve step-up basis, avoid Medicaid penalties, and maintain control.
Key Timestamps:
00:01 - Show Introduction
00:30 - 3 Myths: Probate, Taxes, Long-Term Care
01:30 - Outright Deed: Carryover Basis → Kids Pay Gains
02:30 - Life Estate: Step-Up + Live-In Rights
03:30 - NJ Medicaid Lien on Life Estate
04:30 - Residence Trust: Capital Gains Exempt + 5-Yr Shield
06:00 - NJ Probate = Easiest in USA
07:00 - 5-Year Lookback + Caregiver Child Exception
08:30 - Dementia Timing: Diagnose → Plan
09:30 - Downsides: Control Loss, Sibling Creditors
10:30 - Wrong Trusts: Revocable = No Protection
11:30 - When NOT to Transfer: Young or Self-Insured
12:30 - Closing & Call to Action
About the Show:
"The Estate Blueprint" delivers clear, actionable guidance on estate planning, Medicaid, special needs trusts, and probate for New Jersey families. Tom Begley combines 35+ years of elder law expertise to protect homes, assets, and peace of mind with plans that work in the real world.
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By theestateblueprintEpisode Summary:
In this essential episode, Tom Begley tackles the widespread question of transferring a home to children, debunking myths around probate, taxes, and long-term care protection. The discussion contrasts risky outright deeds with smarter options like life estates and specialized trusts to preserve step-up basis, avoid Medicaid penalties, and maintain control.
Key Timestamps:
00:01 - Show Introduction
00:30 - 3 Myths: Probate, Taxes, Long-Term Care
01:30 - Outright Deed: Carryover Basis → Kids Pay Gains
02:30 - Life Estate: Step-Up + Live-In Rights
03:30 - NJ Medicaid Lien on Life Estate
04:30 - Residence Trust: Capital Gains Exempt + 5-Yr Shield
06:00 - NJ Probate = Easiest in USA
07:00 - 5-Year Lookback + Caregiver Child Exception
08:30 - Dementia Timing: Diagnose → Plan
09:30 - Downsides: Control Loss, Sibling Creditors
10:30 - Wrong Trusts: Revocable = No Protection
11:30 - When NOT to Transfer: Young or Self-Insured
12:30 - Closing & Call to Action
About the Show:
"The Estate Blueprint" delivers clear, actionable guidance on estate planning, Medicaid, special needs trusts, and probate for New Jersey families. Tom Begley combines 35+ years of elder law expertise to protect homes, assets, and peace of mind with plans that work in the real world.