Save the Home with a Trust

Save the Home with a Trust

Plan 5 years ahead, and stay in home with certain trusts

Character of trust often income only,
grantor, irrevocable trust with parent retaining limited power of appointment.

Another approach is to gift prior to children; children retain in separate bank account funds in case they decide to gift back to parents at any time in future; cannot be prior agreement. 

However, and unlike Trust Approach, residence subject to creditors of children.

Call Richard Mayberry at (703) 714-1554 on what technique is best for you.
Sample other Strategies
Convert Character of Asset

Medicaid requires spend down of assets of countable assets, convert countable assets into non countable assets called "exempt resources."

Life Estate.  Transfer title to primary residences to adult children and parents retain life estate

Sell home and reinvest ADA friendly condo.

Demonstrate real property  cannot be sold without undue hardship or market conditions 

Buy new [no limit on value], safe auto for healthy parent to compute to nursing home to visit unhealthy parent

Burial arrangements. 

Buy cemetery plots [no limit] 

Set aside funeral expenses of   $3,500 for a single person and $1,500 for a married person, or
buy burial life insurance policies [no limitation in value] as are certain prepaid burial contracts if they are irrevocable.