Too often I hear people say “We just don’t want the state to take our home” and as a result they run out and have their life-long home put into a Life Estate and/or Irrevocable Trust without fully understanding all the “pros” and “cons” that come with putting property into a Life Estate and/or Irrevocable Trust.  This includes the tax consequences in the event the property is sold during the Grantor’s lifetime versus if the property is sold after the Grantor’s death.  If you find yourself or your parents in the situation where they are concerned that the state or the nursing home may take their home, feel free to call Attorney Scott J. Clifford at 781-829-9100 so you can find about the “pros” and “cons” before you take action that may cost you and/or your parents more in the long run.