Legal Question in Wills and Trusts in Florida
Aside from avoiding probate what are the advantages of placing the house you live in into a revocable trust? Does the property pass on to the heirs without the need of a deed change (which triggers a huge hike in property taxes)? Any other advantages estate tax wise for placing a property into a trust?
Asked on 8/23/10, 12:52 pm
1 Answer from Attorneys
If the owner becomes ill, there could be an advantage also.
Upon death, the trust will state what is to be done, and if the property must be distributed, then a deed is called for. If a distribution does not take place until later, you can be hit with back taxes and penalties. However, to know for sure, consult with a estate planning attorney.
If I can be of further service, please let me know, 954-752-1732.
Answered on 8/29/10, 1:03 pm
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