These 5 Mistakes Are Quietly Taking The House From Your Kids

Five mistakes are quietly costing American families their house after a parent dies. This video explains how improper paperwork can lead to the IRS, state, and mortgage companies claiming parts of the home's equity, often leaving heirs with diminished assets and triggering a lengthy probate process. Understanding these common estate planning pitfalls is crucial for asset protection and ensuring a smooth inheritance for your family, whether through a trust or living trust. In this video I break down: The IRC Section 1014 stepped-up basis rule and how gifting the house early erases it The joint tenancy trap that quietly cuts the other children out of the inheritance The quitclaim deed that costs $50 to record and triggers a $300,000 Medicaid penalty The transfer-on-death deed that bypasses probate fees of $25,000 or more The Garn-St Germain Act of 1982 and why most families never invoke the federal protection that keeps the bank from forcing a sale Five steps to take this week before any of these mistakes turns into the family's problem. —— 0:00 Five mistakes that quietly cost the family 1:45 Mistake 1 - Adding kids to the deed 5:20 Mistake 2 - Joint tenancy trap 8:52 Mistake 3 - Quitclaim and Medicaid lookback 12:44 Mistake 4 - Missing TOD deed 17:00 Mistake 5 - Garn-St Germain mortgage trap 19:41 Five steps to take this week —— FREE CHECKLIST — The 7 Estate Documents Every Senior Must File Now: https://mark-calloway.kit.com/checklist —— Resources mentioned: Stepped-up basis - IRC Section 1014 Annual gift tax exclusion - $19,000 per recipient (2025) Deficit Reduction Act of 2005 - Medicaid five-year lookback Garn-St Germain Depository Institutions Act of 1982 - Section 341 Transfer-on-death deed (Lady Bird deed in FL, MI, TX, VT, WV) - state recorder offices Medicaid Asset Protection Trust - elder law attorney, $2,500 to $5,000 typical setup —— This channel is the briefing you should have gotten before you retired. Real rules, real numbers, no fluff. New video every week. Which of these five mistakes do you think is the most likely to hit your family? Drop it in the comments. If a friend or sibling owns a home and is over sixty, forward this video before any of these traps catches them off guard. For business inquiries: [email protected] —— This video is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Please consult a qualified CPA, Enrolled Agent, elder law attorney, or estate planning attorney for guidance specific to your individual situation. #EstatePlanning #ElderLaw #SeniorFinance