Trust
I have a Living Trust document that stipulates my home would go to my daughter with a right of first refusal. However, the house itself is not in the trust. Do I need to put the house in the trust to avoid tax issues for her when I pass? I am a little confused on the right thing to do. If I do need to include the house do I need to do an amendment to the original trust? Thanks!
Terry Says
Oh my goodness, if you have a Revocable Living Trust it is totally useless unless you re-title important assets in the name of the trust. I’m sure your attorney told you that!!
Immediately re-title the house in the name of your revocable living trust. Otherwise your estate is going to be tied up in probate for months or years!
If that lawyer didn’t advise you correctly, then find a new estate planning attorney as soon as possible. Ask your bank for a local reference.
