|The answer is I don’t know…read on:|
Is it a good idea to put our house in a trust for our children? What would it cost us to do this? So many people we know have done this. Thank you.
A trust is just a tool in the tool shed. It’s not a good thing or a bad thing in and of itself. If you wanted to hang a picture on the wall and looked in the closet and found a hammer and a saw, the saw would be a bad tool for this job, even though it was a very good saw. Likewise, a trust can be a good thing to use or a bad thing.
So, I turn the question around. Ask yourself, “What are you trying to accomplish?” If your answer is that you want to protect your house from Medicaid and nursing home costs, then an irrevocable trust as a tool starts to look appealing, but there are other tools that need to be looked at along the way.
I might also add that even if the trust is the right tool for many, it might not be the right tool for you.
Figuring out whether a trust to protect your house is the right thing for you and your family is the real value of a consultation with me and my firm. The cost varies depending on what we end up doing.
So the best answer to your question is I don’t know right now, but after we meet it should all be clear.
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