Legal Question in Wills and Trusts in Florida
How to undo a Irrevocable Trust
My mother had an irrevocable house trust set up so that after 7 years, the title of her home would change to my husband and myself. Situations changed and she still lives in the same home alone. We can't afford for her to lose homestead exemption, but she also can't afford the increased taxes if we were to sell the house back to her. There must be a way to undo what was done.
2 Answers from Attorneys
Re: How to undo a Irrevocable Trust
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She needs to meet with a qualified attorney who can read the terms of the trust and then advise your mother of her legal rights and obligations. There probably will be a way to undue the damage, but without reading the trust instrument, no attorney will be able to provide any valid advice.
Scott R. Jay, Esq.
Re: How to undo a Irrevocable Trust
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Sounds like a QPRT (qualified personal residence trust). There is likely not a way to undo the trust. However, a qualified would need to evaluate the trust's terms. Notwithstanding, achieving your goals of allowing your mother to continue to live in the house and avoiding increased taxes may still be an option. Please contact a qualified attorney.