By Paul Schmitt
Gifting your home to your children while you are still living in it, may not be a good idea. Irrevocable trusts can be a valuable tool in an estate plan while protecting your home. Attorney Stacy Vogeltanz from Ross Estate Planning says irrevocable trusts gives you more control than just gifting away to your children.
Vogeltanz says that because your children would own it, that house or asset is subject to their creditors, their bankruptcy lawsuits and divorces. Life estates are an option that also gives up control when assets are placed under other people’s name, according to Vogeltanz.
Full interview with Stacy Vogeltanz: