L is for LIFE ESTATE. A popular estate planning technique is to have Mom and Dad transfer ownership of their residence or vacation home to their children but retain the right to live there for the rest of their lives, or so long as they wish to remain there. This avoids probating the house and can assist planning in case a serious illness or aged infirmity requires the parent to have long-term care outside of the residence. But be aware! There are income tax issues that may negate some of the benefit of this strategy. Please contract your attorney or tax advisor before transferring any real estate.