Estate Planning Attorney | Are you a senior citizen that worries about potentially losing their house to nursing home bills? There are a few ways you can protect your home from Medicaid expenses, but one of the best ways is through an asset protection trust. An estate planning attorney can help you set up an asset protection trust that is designed for Medicaid purposes.
You might be wondering why it’s better to place your house in a trust versus assigning your home’s rights to a beneficiary. A trust ensures that if anything was to happen to your beneficiary, your home would be protected. Additionally, you could be applicable for capital gains tax treatment if you give the home to a beneficiary. An estate planning attorney would likely encourage a trust over a beneficiary in order to prevent the beneficiary from paying a hefty tax.
Something else important to note is that when you place your home in a trust, you still have the right to live there while paying taxes and up keeping the maintenance of the property. This give you additional protection that you would not be eligible for if you gave your home to a beneficiary. This means that you can continue with your current lifestyle, and see little to no change after you place your home in a trust.
There is a misconception that once you put your home in an irrevocable asset protection trust, you can no longer sell the home. This is false! You are able to still sell your home if you realize down the road that you no longer want to keep the property.
If you or a loved one are considering placing your home in an asset protection trust, speak with a qualified estate planning attorney at The Law Office of Michelangelo Mortellaro for a confidential consultation on your needs.
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