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Financial Planning / Tax Strategies
|Subject: Re: House transfer: Father to Sons||Date: 7/1/2006 11:30 PM|
|Author: JAFO31||Number: 87641 of 122561|
Hypnosis: "How come no one brought up the IRREVOCABLE Living Trust as a possibility?"
I cannot speak for everyone, but yo usage is out of the ordinary.
"A living trust may be amended or revoked by the person creating it (commonly known as a "trustor," "grantor" or "settlor"), at any time during the trustor's lifetime, as long as the trustor is competent."
In addition, creating an irrevocable trust does not avoid the lookback period.
Third, an irrevocable trust would limit the father's option.
What do you think an irrevocable "living trust" would accomplish?
Just my $0.02. Regards, JAFO
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