More details to this question:
I have an 81 year old mother that wants her property to be retained to take care of children and grandchildren. I am her son writing to you and carry her POA. The main property is a house that has a mortgage. The house has a room for her, myself, my nephew, and we also rent to rooms. So it has an income. I am wondering if it can be placed in a family or land trust. The mortgage also has the insurance that covers it if something happens to the borrower. So it would be paid of upon her death. Her health is still good though thankfully. Can I use property that is still under a mortgage?
16 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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contact an attorney ... most likely you will not be able to do it right yourself.
Answered on Nov 12th, 2013 at 1:06 PM
Yes, a trust is the potential vehicle. However, if your mother owns the home, you should consider an irrevocable trust; There is more to setting up a trust than just the document. Therefore you should discuss the risks and benefits with an attorney.
Answered on Nov 12th, 2013 at 1:06 PM
Edwin K. Niles
You should see an estate planning lawyer. Please, no amateur hour. Expect to pay around $2,000 for a proper trust.
Answered on Nov 07th, 2013 at 6:52 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Yes, a trust can be set up. You should have an estate planning attorney review your situation and set up the appropriate documents.
Answered on Nov 07th, 2013 at 6:51 PM
Estate Planning Attorney serving Seattle, WA
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Law Offices of Scott K. Wilson
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I see no reason to create and fund the trust ( deed the house to the trust) before she dies, as the trust will be a taxpayer and have to file a return. She should just have a will that leaves the house in trust to her children and grandchildren.
Answered on Nov 07th, 2013 at 6:27 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney about setting this up correctly. Almost anything is possible, unless there is a governmental interest. Also, make sure the house is actually insured to cover its actual use.
Answered on Nov 07th, 2013 at 6:26 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Do yourself a favor and obtain the services of an estate planning lawyer immediately, to prepare the necessary documents to carry out your mother's intentions; by the way a power of attorney is good only while the person lives; it dies with the person.
Answered on Nov 07th, 2013 at 6:26 PM
Thomas Edward Gates
You need to talk to an Estate Planning attorney to set-up the Trust.
Answered on Nov 07th, 2013 at 6:26 PM
The property can be placed in trust even with a mortgage. You should consult an estate planning attorney to prepare the appropriate documents.
Answered on Nov 07th, 2013 at 6:26 PM
Divorce Attorney serving Bingham Farms, MI
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Gottlieb & Goren, P.C.
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Given your Mother's good health, you need to consult an attorney to draft a Trust for her signature that would reflect your Mother's wishes. She can name you as trustee to start acting now on her behalf if that is what she wants.
Answered on Nov 07th, 2013 at 6:26 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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I suggest you talk with a local attorney to draft the document and make sure it is done properly.
Answered on Nov 07th, 2013 at 6:25 PM
Your best approach is to consult with an attorney specializing in Elder Law and estate planning. Do not rely on any advice or forms from the internet.
Answered on Nov 07th, 2013 at 6:25 PM
2 Awards
Your MOTHER needs to see an estate planning attorney and discuss her wishes. Any trust done that benefits you over any other heir or beneficiary will likely be contested if you are involved it it's procurement. Your mother can put her property into a trust but she needs to make that informed decision after meeting alone with an estate planning attorney, At James Law Group we make every effort to respond to you quickly and efficiently. This means we may be responding to you from a mobile device. As you know, responding on these devices can result in typographical errors that my otherwise not occur. In order to provide this extra service, please be aware of this and excuse any errors that may be caused by responding in this forum.
Answered on Nov 07th, 2013 at 6:25 PM
Yes it is possible depending on the specific details, check with an Estate Planning attorney for complete details.
Answered on Nov 07th, 2013 at 6:25 PM
Take your mother to an attorney for an estate plan, including a trust or to review her present plan if it was done several years ago. You can place mortgaged property into a trust.
Answered on Nov 07th, 2013 at 6:24 PM
3 Awards
First question is whether the mother still has contractual capacity. If so, she can meet with an attorney to address establishing a trust as part of a comprehensive estate plan. If she does not, your power of attorney will need to be reviewed to determine what options you have. You may need to pursue a guardianship if the power of attorney does not specifically allow you to establish a trust. I urge you to speak with an estate planning attorney where your mother lives to address the specifics. Best of luck to you.
Answered on Nov 07th, 2013 at 12:07 AM