Life Estate vs. Trust Ownership of Your Primary Residence

Through our many years of experience as estate planning attorneys, we have come to realize that there are three basic issues that every estate plan must address: avoiding the costs and hassles associated with probate; putting structures in place to reduce unnecessary taxation; and finally, developing a strategy for how to pay for the costs associated with long-term care. One of the best probate avoidance mechanisms is the use of trusts, such as a Life Estate or a Medicaid Trust – the differences of which are laid out in the downloadable PDF below.  If you wish to learn more about the different types of trusts, please set up a consultation with a Donohue, O’Connell & Riley attorney.