ugabulldog
Junior Member
What is the name of your state (only U.S. law)? GA
I plan on discussing with a local attorney but wanted to ask if I am on a right path.
My wife and Is' goal is to protect the equity in our home from potential future creditors, mainly medical bills (again we have none at this time). We have no children to leave home to. There is no mortgage therefore no "due on sale clause". Taking the divorce issue off the table.... can this goal be achieved with the use of an irrevocable trust? (we will be buying another house in the future and can set up the deed from scratch so to speak) An example, put deed in name of trust with me as trustor, her as trustee and beneficiary or any such combination. Could this be set up in a way where house/equity be protected from her creditors as well as mine? (If we needed to add another name to the equation, we have a partnership LLC that could be used but would rather keep it simple if this is possible) The end goal would also be the surviving spouse to receive property and right now we not concerned with creditors at that point, please disregard for this discussion. Another goal would be able to sell property in the future or at least take out a reverse mortgage. Thank you for any help.
I plan on discussing with a local attorney but wanted to ask if I am on a right path.
My wife and Is' goal is to protect the equity in our home from potential future creditors, mainly medical bills (again we have none at this time). We have no children to leave home to. There is no mortgage therefore no "due on sale clause". Taking the divorce issue off the table.... can this goal be achieved with the use of an irrevocable trust? (we will be buying another house in the future and can set up the deed from scratch so to speak) An example, put deed in name of trust with me as trustor, her as trustee and beneficiary or any such combination. Could this be set up in a way where house/equity be protected from her creditors as well as mine? (If we needed to add another name to the equation, we have a partnership LLC that could be used but would rather keep it simple if this is possible) The end goal would also be the surviving spouse to receive property and right now we not concerned with creditors at that point, please disregard for this discussion. Another goal would be able to sell property in the future or at least take out a reverse mortgage. Thank you for any help.