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Should you put your vacation home in a trust?

Kent area residents who are lucky enough to own a vacation home are probably popular among their friends and family members. Many times, a vacation home owner wants to keep the home in the family. There are estate planning options that can be exercised to help with this process.

An irrevocable trust may be an estate planning option that is attractive for a family with a vacation home. An irrevocable trust can help in the event the vacation home owner ever needs long-term care. No matter how a person plans, long-term care at the end of life is something that many Washington residents will need to use. But, this long-term care does not come cheap and can cost thousands of dollars each month. This can quickly eat up a person's life savings and may eventually require a person to sell their vacation home. So, in order to preserve the family's vacation home for future generations, putting the residence in an irrevocable trust may be a good idea.

Medicaid, which is what many seniors use to pay for their long-term care, has a five-year look back period, so families should consider an irrevocable trust for a vacation home far in advance of when they think they will need care. A person should also consider how much liquid money they will need and whether they will need care in the next five years.

A legal professional who is skilled in estate planning can help their client with questions regarding trusts and vacation homes. They can offer advice for a family's unique situation and make sure that their needs are covered both now and into the future.

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