Cost Basis

Cost basis refers to the cost of the property adjusted for improvement and can be adjusted up or down for other reason. The IRS has various methods of calculating and tracking cost basis. Read here for more information to determine your cost basis.

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Early Estate Planning May Protect Home From Medicaid

Many older people worry about their home being sold to pay for nursing care or Medicaid. To protect a home from being subject to the Medicaid lookback period, a family should do estate planning ahead of time and perhaps set up a life estate. A life estate will allow an elderly parent to live in a home prior to passing it on to his or her family and protect the home from being sold to pay for elder care costs.

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