The kids will get it anyway once I die, so why not transfer my home to them now. God forbid I get sick and require long term care, I don’t want the equity in my home to go towards these expenses. This may sound like a good idea, but there are unforeseen pitfalls to be aware of:
The proper vehicle for protecting your house is to set up a Medicaid Trust. By doing this you will actually transfer your home into a trust with your children being named the beneficiaries of the trust. Thus, they will become the owners by virtue of the trust agreement at the time you die. In the meantime, you are taking affirmative steps to shield your home from liens due to medical bills if you fall ill and require long-term care. Additionally, since the home will be in the name of the Trust at the time you die, the children will not need to go through a Surrogates Court proceeding in order to arrange for the sale of the house or transfer of the house into their names.
Contact an attorney who specializes in estate planning to insure that you have taken the right steps so that you can have piece of mind that your home and other assets are being passed on to your family and not to the IRS and creditors!
If you would like to further discuss your estate plan, I can be reached at:
email: [email protected]
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