Category: Trust
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When Parents Won’t Let Go: Micromanaging Homes in Family Trusts
Family trusts can be helpful estate planning tools. A trust can protect a household’s assets, and effectively pass wealth along to family members. Those who receive income or assets from a family trust are called beneficiaries. But some of the people who are supposed to benefit may not entirely appreciate the gesture. They might resent…
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I’m Transferring Trust Property. Do I Have to Provide Disclosure?
Understanding the Seller’s Disclosure Form If you buy a property from a trust, are you less protected by disclosure rules? If you’re transferring a deed to trust property, what do you need to know for proper disclosure? There is no one-size-fits-all answer. Disclosure of defects in real estate is a question of state law. But…
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Should a House Be in an Irrevocable Trust?
A home can go into an irrevocable trust. But giving up control over a primary residence is not something most owners want to do. The owner lets go of the “incidents of ownership” and the house goes under a separate tax ID, with taxes filed by a trustee. The owner might continue living in the…
