It is never too early or too late to plan for long term nursing home care and Medicaid Planning. We can discuss the benefits of putting your home or parents’ home into an Irrevocable Trust while retaining life use.
Some of the advantages of an Irrevocable Trust include the following:
Retaining life use of your home;
Selling and buying another home as permitted by the trustee(s)’ within the trust without jeopardizing the assets in the trust;
Protecting the house from creditors;
Avoiding probate on the death of the grantor;
Guaranteeing income for life if you place other assets into the trust
After five (5) years, the value of your house (trust) is protected.