This time of year causes everyone to look at and plan for the future. Perhaps, you or your children are going back to school. Perhaps, the new fiscal year is approaching. With the change in seasons everyone should take a look at their plans for their property both now and in the future. It may be that you want to control how your property is managed both now and after your death. If that is the case, a trust may be appropriate for you.
Some of my clients say they don’t want to put property in a trust because they may have to sell the property for some reason in the future. I understand that life happens. You may want to move. A divorce could force a sale of property or a bankruptcy could affect how property can be used. The great thing about trusts is that a trust understands life happens as well. You can choose to create a revocable trust which allows you, as the trustee, to put property into the trust and remove property from the trust in case you do need to sell it, for whatever reason life brings you. While the property is in the trust, it will be used and disposed of in whatever manner you set out in the trust. Therefore, if you die, you control how the property in the trust is used and/ or divided.
There are other types of trusts, that you can create, that have benefits for other situations, such as taxes or Medicaid. Give my office a call and we can discuss how you can keep managing your properties.
I look forward to serving you.
My Best Regards,
Kelly Michael Bosserman, ESQ