Revocable versus irrevocable trust
My husband (59) and I (66) own a two-family home in our names, and we also have assets in our 401(k) accounts. We live in New York City.
We are beginning to plan for the future and want to make sure our assets are protected if either of us eventually needs long-term care or has to enter a nursing home. Neither one of us has long-term care insurance. And would not want any liens in our house. We have two children’s that we would like them to inherit this house.
We are also concerned about what would happen if one of us became incapacitated and was no longer able to manage or withdraw money from our 401(k).
What estate-planning documents or types of trusts would be most beneficial for us in these situations? We would like to understand the different options available, including the pros and cons of each, and how they could help protect our home, retirement accounts, and other assets while still allowing us to maintain as much control and flexibility as possible.