Legal Question in Wills and Trusts in New York
Irrevocable Trust
My father passed away, my mother is sole owner and resident of the house. If she puts the house in an irrevocable trust for her children, will she be able to sell the house if she needs to for money if she should want to move, go into a home, or needs any financial help? What would be the best way for her to be protected financially? Would it be wise for her to do this, or is she better off just leaving it to her children as part of her estate?
Thank You,
Lynne
1 Answer from Attorneys
Re: Irrevocable Trust
That's a loaded question.
Are you concerned with estate taxes, nursing home costs, family planning????
To get started, an irrevocable trust is one that cannot be changed by your mother. This is compared to a revocable trust, over which she would have control.
Your specific family needs and goals must be considered in planing for the disposition of the home.
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