On Demand

Planning Options for the Transfer of a Primary Residence in New York


Created on November 01, 2021





The decision to transfer one's primary residence raises a number of concerns and issues, including gift taxes, potential capital gains tax consequences, cost basis issues, and, of course, the transfer's impact on Medicaid eligibility. Join Anthony J. Enea, certified elder law attorney and managing member of Enea, Scanlan & Sirignano, LLP, as he sheds light on these concerns and shares his insights on how to determine the best way to transfer a client's residence in New York – whether it be through an outright transfer, a transfer with a life estate, or a transfer to an irrevocable trust.

Learning Objectives:

  1. Discuss the reasons to transfer one's personal residence

  2. Recognize the pros and cons of an outright transfer with or without the reservation of a life estate

  3. Identify when it's most appropriate to transfer a primary residence to an Irrevocable Medicaid Asset Protection Trust

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