CA Probate: Your Home for Your Kids, not Creditors

1:42 pm Uncategorized

It happens all the time, but no one sees it coming because they think they’re protected by their bulletproof will. Your house — which you have willed to your child or other family member — may never belong to them if your end-of-life care or nursing home bills exceed what was paid to the date of your passing.

Your California probate attorney can help you with this one, but listen closely.

When you will your home to a child, place it in the name of a trust, and NOT in your name.

If possible, place liquid assets in the amount of your home’s estimated worth in an offshore estate — this way your child(ren) can pay off the nursing home or other medical creditors without losing the home. You can also have your California asset protection lawyer discuss other types of trusts that you can put your home in to ensure that the property winds up in the hands you intended it to.

There are many types of revocable and irrevocable trusts that you can place real property in, using a person or banking entity as the trustee. Of course, the best way to ensure that this sort of thing doesn’t happen is to set aside enough money for your latter years in case you are not able to be part of the decision making process. Make sure you have enough set aside for a nursing home and/or in-home care. Your California estate planner can help you set a trust up, or design your will to ensure that all goes the way it should, and hopefully avoid probate in California.

Let our Costa Mesa law offices help you get started by contacting us today.

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