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Home / Asset protection / Home Sweet Home

Home Sweet Home

March 9, 2023 by Brandon McGee

Home sweet home. our home is not just a building; it holds immense emotional and financial significance. Your home is where your family resides, and you feel secure, connected, and comfortable. For younger people, it represents endless possibilities, whereas, for those in their middle age, it’s full of energy and vibrancy. And for those in their later years, it’s a place of familiar comfort that brings back the memories of the joys of earlier days.

Apart from the emotional significance, your home is also a valuable financial investment that has consistently grown in value over the past several decades with less volatility than the stock market. Moreover, your home has many important attributes that make it a significant asset from a tax, estate planning, and asset protection perspective.

home sweet home

In some states like Florida and Texas, your home is exempt from attachment in a bankruptcy proceeding. In other states, some of the equity in your home can be shielded from creditors. In states recognizing “tenancy-by-the-entirety” ownership between spouses, a creditor of one spouse cannot force a sale of the house to pay off the debt. 

Additionally, your home is not considered an available resource when determining eligibility for Medicaid benefits or financial aid needs at most educational institutions. Furthermore, your home can enable you to do advanced estate planning, such as a Qualified Personal Residence Trust or “QPRT.” With a QPRT, you can make a gift of an interest in your home to your children. If your home grows in value faster than the interest rate assumed by the IRS, the additional growth is passed without any tax. During the term of the QPRT, you can continue to live in the home.

Your home is essential for you, both emotionally and financially. Therefore, it’s crucial to consult with a qualified estate planning attorney who can help you make the most of your home during your life and after you are gone. Contact us to schedule your free personal consultation.

Compliments of the McGee Law Firm, Attorney Brandon McGee

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Asset protection, Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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