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Is it better to transfer my house and/or other assets to my children during my lifetime to avoid probate?

When you transfer assets during your lifetime, you are giving up control and ownership over those assets. That may have some unintended consequences. If you apply for nursing home Medicaid, they do look back 5 years to see what transfers you've made, and those transfers count against you. You may also some unintended consequences if you need those assets and you've already given them away.

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