We get a lot of questions about what to do with the family home. It can be a major piece of retirement planning, an asset that needs to be considered. No matter your plans for the future, whether you want to stay at home, downsize, or pass the home onto your children, you need to have a plan for it.
For example, if you want to qualify for Medicare assistance, you’ll need to take steps to keep it from counting as an asset. And in order for that to work, you need to do that at least 5 years ahead of application. That means planning now! The sooner you address your home and long-term plans, the more options you’ll have. If you wait, your options will be incredibly limited.
We can help you keep your home in the family, and stay in it as long as possible. But it’s key to come in and talk to us as soon as possible. There are limitations and deadlines that you have to consider.
Additionally, we know the family home can cause tension and disagreements among loved ones as their parents age. Everyone has a different opinion, and it can cause issues. You have the power to solve these issues before they even start with a good plan. If you have documented plans in place and have made decisions beforehand, you can save your loved ones a lot of pain and heartache.
For many families, this kind of planning is uncomfortable—no one wants to think about their folks aging and potentially selling the family home and moving on. But if you ignore it and hope for the best, you aren’t doing yourself or your loved ones any favors. The time to plan is NOW, when you can, when you have options. We find that for many people, their home is central to their plans for aging and retirement. Whether it’s staying in it as long as possible, selling to downsize or move to assisted living, or passing it on to children, there are many ways the home is integral.
That’s why it’s so important to plan adequately. At Idaho Estate Planning, we’ve developed a special trust just for your home. The Home Sweet HomeTM trust protects your home no matter your choices and how it fits into your plans. Contact our office today to learn more about putting your Legal Life PlanTM in place.
