Living Trust

Should your home be held in a living trust?  Being in real estate, I am constantly being ask this question.  And yes, I do hold my personal residence in a living trust.  However, I cannot recommend that you hold your North County home in a trust.  Only your CPA or attorney can answer that question for you.

  • Why do people use living trust?  Some common reasons for holding San Diego property in a trust is to postpone or minimize death taxes, to shield the property from some creditors, or to help avoid time consuming probate.
  • What is a living trust?   A living trust is a trust created during your life time (inter-vivos trust) rather than being created by your will at death.
  • Who are the parties to a trust?  Typically a living trust is a Family Trust in which the Husband and Wife are the Trustees, and usually their children are the Beneficiaries.
  • Does the trust hold title to real estate?  No, title is held by the trustees on behalf of the trust.
  • What taxes can be avoided by putting my property in a living trust?  You should check with your attorney.  Married couples can usually exempt a large part of their assets from taxes by having their property in a living trust.
  • Can you cancel a living trust?  The trustees can cancel a living trust at anytime.

For answers to specific living trust questions contact your accountant or attorney.  For answers to San Diego North County real estate questions,  contact Gary Harmon your North County Realtor.

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