There are often reasons why you should consider transferring some or all of your property during your lifetime to another individual, usually your children or grandchildren. Usually, this goes hand-in-hand with estate planning and Medicaid (TennCare) planning.
There are several ways you can accomplish transferring your property during your lifetime. You may wish to transfer your property outright, such as deeding your property over to your children or writing them a check. You may also with to setup a mechanism by which you ensure you complete a gift but retain some amount of control over your property during your lifetime; sometimes this is best accomplished using a life estate, and other times it is better to create an irrevocable trust.
We have over 30 years of combined experience assisting advising our clients as to their gifting options and assisting them accomplish their goals. Please contact us today if you’re interested in scheduling a consultation to discuss your options.