PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us in person, via telephone or through video conferencing. Please call our office to discuss your options.
We have and will continue to keep in place the mechanisms to expeditiously respond to all of our clients’ needs, while maintaining the good health and safety of our employees and clients. It is our goal to continue to provide exemplary legal services and to meet our clients’ needs.

How a trust can help you protect your family home later in life

| May 8, 2020 | Elder Law |

For many families, their home is the most valuable asset. That means you have an interest in protecting your house regardless of what else happens in your life and likely have a desire to pass it on to someone specific when you die. 

Whether you want to ensure that your spouse can remain in your marital home after your death or you simply want to protect your home from theoretical future creditors, engaging in thoughtful asset protection planning now could ensure that your home remains in your family or pasted on according to your wishes. 

One of the most straightforward means of protecting your home and controlling what happens to it will involve placing your home in a trust.

Trusts offer creditor protection and reduce tax risks

No one can predict exactly what will happen to them as they continue to age. Some people will experience severe medical issues later in life that could drastically diminish their household assets. Even those with substantial resources could potentially wind up in debt to Medical providers or in need of Medicaid. 

A trust will protect your home from claims by creditors and government insurance programs. Additionally, by placing your home in a trust, you reduce your personal assets, making it easier to qualify for certain government programs. Finally, after you die, having a home in a trust will protect that house from outside claims while also reducing the potential tax implications for your heirs. 

Using your home to fund a trust doesn’t mean that you lose your right to the property. Instead, while the name on the deed may change to the name of the trust, you will have greater peace of mind and protection in many cases by using a trust as part of your estate plan.