For many middle-class families, the biggest asset owned is often a home or retirement account. If you’ve reached retirement years, and the house is paid off or soon to be paid off, most people want to keep the home they worked for. Often, seniors want to leave their homes or the value of their assets, to their children. If this is you, I urge you to consider putting your home into a trust, to avoid losing it to long term care nursing home costs.
The questions we get asked most frequently about putting a house in a trust are:
- If I put my house in a trust, can I still maintain control?
- Can I avoid probate by putting my house into a trust?
- Can a trust protect my house in the event, my child goes through a divorce?
- What happens if I leave my house to my child and they die before I do? Can their spouse take the house from me and leave me homeless?
- Can my kids avoid inheritance taxes if I leave my house to them in a trust
- Are there ways for my heirs to avoid Capital Gains when they inherit my house?
- Can a Medicaid Asset Protection Trust protect the value of my home in the event I end up in a nursing home?
- Is it true that when someone goes to the nursing home, for a single person the home is not counted from an eligibility standpoint?
- Can a trust help prevent my house from becoming part of the Pennsylvania’s estate recovery claim and avoid probate?.
- Can I use a trust even if I have a mortgage? Can I still do renovations on a house in a trust?
Come to our Workshops
To get the answer to these and any of your other questions about protecting your home, we encourage you to come to one of our workshops, which we offer virtually and in person. Visit sechlerlawfdev.wpengine.com/workshops to register for an upcoming workshop. After attending a workshop, we offer you a free consultation to learn how we can help you preserve and transfer your legacy.