@Opus 17 wrote:
1. Spending $5,000 on an attorney so that your children can inherit a $175,000 house...
I'm not sure why you would think spending $5,000 is within the realm of possibility (or the willingness) of a taxpayer who owns a house worth $175,000 (with a mortgage of $56,000) and has only SS income plus a spouse with an income of circa $100,000 when there seems to be a reluctance to spend even $450 on a consultation with a CPA. Clearly, there is a disconnect between your thought process and the reality of this situation.
Moreover, there is no "3500% payoff" if either (a) the taxpayer here never does use some sort of "Medicaid program" to pay for long-term nursing care (beyond what is covered by Medicare) OR (b) the taxpayer executes a QC deed in short order, which would appear to have little to ZERO adverse consequences in this case.
@Opus 17 wrote:
2. When I am at the edge of my own competency or beyond, I always try to recommend professional guidance.
In that event, you should really stop answering questions such as the one posed by the OP in this thread. Answering questions based solely upon your own personal experience is less than ideal and typically misleading.
