Legal Question in Real Estate Law in Florida
What is involved in putting a parent's home in trust for their children? My mother is the sole owner of her home and she wants to putit in my name and my sister's. Our accountant tells us that tax-wise this is not a good idea. How would a trust work? Who would or could be the trustee?
2 Answers from Attorneys
Transfering a home to a trust basically involves drafting a trust agreement and preparing and recording a deed to transfer ownerhsip to the trust. They are various types of trusts with different tax and estate planning considerations.
Coral Gables Attorney
www.balesfirm.com
It is probably not a good idea for your mom to put her home in yours and your sister's names. I strongly advise you and your mom to consult with a Florida estate planning attorney. If this is her homestead, she needs to be aware of some important considerations, even when using a trust. Contact an attorney before taking further action. Regards,
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