Picture a McDonalds at 7AM. You can smell the hashbrowns and coffee, right? You see the table of the older fellows sitting in the corner? You know what they're talking about every Tuesday morning - giving their house/savings to their kids.
Why do people do this? If you read a newspaper realty transfer section, you'll see transactions by people giving their home to their child. Why?
There are two reasons people do this:
1. the perception that they can save taxes
2. to protect the house from the nursing home
In this episode, Tim explains why the traditional advice of giving your home to your kids is frequently a mistake. It's a tax mistake and an asset protection mistake.
Listen to this episode to avoid the mistake of giving your home to your kids.