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. In addition if your children get sued, divorced, file bankruptcy, have IRS liens all of your assets could be lost forever. Most people want their assets to go to their children. People who do this type of “gift planning” do so because it is simple, easy to do and costs nothing (no attorney or legal fees). Unfortunately when this type of gifting is done without legal advice both parent and child will pay thousands of dollars in taxes. More taxes now for the parents and more taxes in the future for the children. With proper planning all of these taxes can be legally avoided and in addition the assets can be protected from your children’s law suits, divorce, bankruptcy and poor decisions.
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?
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