protecting a home
I am about to inherit a home from the estate of a family member. If all goes according to plan it will become our primary residance within a year - 18 months. My husband and I are semi-retired, 56 & 58. We have enough in pension and securities to see us through into our golden years. The home I will inherit is a small 'family home' that I would like to pass on to my children when both my husband and I are gone. It's current value is about $400.000. Is there a way to protect it from ever being sold to pay for unforseen medical expensise that my husband or I should be faced with, ie long term care for one of us? As it stands right now, all that is covered but since we don't know how long we will live or what the cost of long term care will be in the future, it seems like a bit of a crap shoot.
I have thought of putting the house directly into my childrens names, ages 24 & 28, with the understanding that my husband and I will live in it, cover taxes, repairs, improvments, etc. I was thinking of a Trust of some type. Can any of you tell me of the pitt falls, legalities, etc of doing that?
I will be discussing this all with an attny when the estate is final but, I am in need of some background info so I know what is possible, as well as what questions I should be asking and what direction, if any, I should be going in.
Any advice out there? Thank you.