There are several ways to handle a parent’s home depending on their particular health or financial situation. At a bare minimum, your parents should have a Revocable Living Trust to ensure the orderly and effectively transfer of the home to the family and avoid probate in states where the expense is significant.
It’s scary for many of us to think where our address is posted publicly and how easy it would be for someone to find it.
Some states provide generous Homestead Exemption amounts or Tenancy by the Entirety, but for most of us, these strategies are useless.
For most of us, our home is one of our most valuable assets. It truly is our “castle”, but can also be one of our most vulnerable assets. Although we need to protect it at all costs, we face several dilemmas that create significant hurdles to protecting the complete value of our home.