Medicaid Planning: Protection of Home & Irrevocable Trust

Another method of protecting the home from estate recovery is to transfer it to an irrevocable trust.  Trusts provide more flexibility than life estates but are somewhat more complicated. Once the house is in the irrevocable trust, it cannot be taken out again.  Although it can be sold, the proceeds must remain in the trust.  This can protect more of the value of the house if it is sold.  Further, if properly drafted, the later sale of the home while in this trust might allow the settlor, if he or she had met the residency requirements, to exclude up to $250,000 in taxable gain, an exclusion that would not be available if the owner had transferred the home outside of trust to a non-resident child or other third party before sale.

Plan Now, Consult a South Carolina Medicaid Planning Lawyer in Spartanburg & Greenville SC

Our Medicaid planning attorney can assist you in developing a custom-tailored strategy to enable you to qualify for Medicaid benefits to pay for long term nursing home care while preserving your assets.  Don’t wait to plan, contact an estate planning attorney at the McQueen Law Firm to discuss your Medicaid planning options and requirements today at 864.585.5021 or online to schedule an appointment.

McQueen Law Firm | “A Trusted Partner” | Serving the State of South Carolina Since 1985 | Spartanburg County | Greenville County | Anderson County | Cherokee County | Union County

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