Masatani Soroy Law Logo

CONTACT US TODAY 310-694-5527

Languages: English, Spanish, and Norwegian

  • Home
  • About
    • Attorney Profiles
    • Articles
  • Practice Areas
    • Estate Planning
    • Business & Commercial Law
    • Real Estate Law
  • Blog
  • Contact Us
Masatani Soroy Law Logo
Languages: English, Spanish, and Norwegian
  • Home
  • About
    • Attorney Profiles
    • Articles
  • Practice Areas
    • Estate Planning
    • Business & Commercial Law
    • Real Estate Law
  • Blog
  • Contact Us
Email

 Call

Estate planning and your family home

On Behalf of Masatani Soroy Law | Jun 5, 2023 | Estate planning |

Your California family home not only represents a good portion of your wealth but also provides you with a place to live as you grow older. You may want to pass this asset on to your children or other heirs or use the property to finance your long-term care in your final years. To achieve your goals, you must document your wishes in advance. Otherwise, circumstances might arise, like a medical crisis, that leaves your estate vulnerable to creditors or subject to legal battles among potential heirs.

Think about long-term care expenses

As you age, you or your spouse may need to enter a nursing home if a serious medical problem emerges. Some people decide that they want to pass their home onto their heirs instead of selling it to fund nursing care. After contemplating the pros and cons of your options, you may prepare estate planning documents to codify your decision.

Ownership transfer

You have some options for accomplishing this goal. You might choose to transfer ownership to your heirs while retaining the right to occupy the home for the rest of your life. If done five or more years prior to needing long-term care, your home would no longer count as an asset that could prevent qualifying for Medicaid benefits. The main concern with this strategy comes from the possibility that your heirs might have the asset seized by creditors if they have significant unpaid debts or are found liable for damages in civil court.

Put the house in a trust

Instead of directly transferring property to an heir, you may use a trust to hold the home. A trust creates a separate legal entity. Neither you nor your heirs directly own the house because the trust technically possesses the asset.

When you pass away, a probate court will not need to process the ownership transfer to your heirs. The trustee will follow the terms of the trust and privately distribute to beneficiaries according to your wishes.

Recent Posts

  • 3 ways parents protect their children through estate planning
  • Safeguarding generational wealth when estate planning
  • What should you think about when creating an estate plan?
  • 3 common reasons people add trusts to their estate plans
  • How California fights undue influence on estate planning

Archives

  • May 2025
  • February 2025
  • August 2024
  • May 2024
  • February 2024
  • December 2023
  • September 2023
  • June 2023
  • March 2023
  • November 2022
  • September 2022
  • June 2022
  • March 2022
  • December 2021
  • August 2021
  • May 2021
  • March 2021
  • September 2020
  • July 2020
  • April 2020

Categories

  • Estate planning

RSS Feed

Subscribe To This Blog’s Feed

Consult With Our Los Angeles Attorneys

Our business law and real estate law firm’s location offers a professional environment, convenient access and easy parking.

For an initial consultation with a lawyer regarding business or commercial lawsuits, business succession plans, or about personal legal needs such as estate planning or probate law, contact the Los Angeles Masatani Soroy Law. Call 310-694-5527 or complete our electronic intake form.

Masatani Soroy Law Logo
10850 Wilshire Blvd.
Suite 1100
Los Angeles, CA 90024

Phone 310-694-5527
Fax 310-312-1034

Los Angeles Office
Review Us

© 2025 Masatani Soroy Law • All Rights Reserved

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw