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My mom is getting older and my dad has already died, neither of them are/were savvy on this stuff. She lives in my childhood single family home upstate worth about 400-500K. My mom has said since Iām an only child and the house is a year away from being paid off, she has a simple will stating everything is to be left to me.
That being said, should she consider putting the house in a trust?
This is absolutely worth the money and the time in the effort. And I'll tell you why. This protects your home if your mother becomes afflicted with dementia and you need to put her into long-term care, as long as the five-year look back as passed, they cannot put a lien on your house. I know what I'm talking about because I went through it.
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- 2 months ago
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