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Podcast: The Financial Exchange Show
Episode: Ask Todd: Life Estates vs. Irrevocable Trusts: What Are You Really Giving Up?
Description: On this week’s Ask Todd, Todd Lutsky breaks down the real differences between life estates and irrevocable trusts — and why the “quick fix” solution isn’t always the best one.Todd explains:How much control you actually give up with a life estateWhy irrevocable Medicaid trusts are often used to protect assets from long-term care costsThe five-year lookback rule and what it means for nursing home planningCapital gains consequences when selling property held in a life estateWhat happens when a parent leaves property to just one child — and how gift tax rules apply if proceeds are sharedIf you own prop...