<<I am in the process of putting together a living trust. Someone told me , and therefore raised the question in my mind, that I shouldn't put my residence (owned by hubby and me) in the trust. What's is the story on this?>>Sorry, Anne, but there is just WAY too little information here to tell me what is right for you.But I can tell you, in general terms, that for most people, the FIRST asset that they transfer into their "revocable" living trust is their home. Putting your personal residence into a revocable living trust does NOT void any of the tax provisions allowed for a personal residence (such as the new $250k/500k tax free treatment on the gain on sale of a personal residence). It is only when the personal residence goes into an IRrevocable trust when some problems can arise, and some elections to avoid gain can be voided. One of the best books that I have found on "living trusts", explained in laymans terms is titled "Understanding Living Trusts" written by Vickie and Jim Schumacher. You might want to check this out at your local bookstore (or at Amazon.com on line), and consider buying the book. If you can't find it at your bookstore or Amazon.com, you can order it directly by calling 1-800-728-2665. Of course, before you spend the money, you might want to check with your local public library, and read it for free. (BTW...I have NO financial interest in the publication...it is just some good reading).It is NOT a "do it yourself" guide, but will provide you with some very valuable backround information, how the trusts work, why they work, and the types of taxes you can expect to avoid if done correctly.TMF TaxesRoy
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