#104

How do you sell your home if it’s in a trust?
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[@np8470]

Hii! Thank you for educating through your awesome videos. I have a follow up question. What happens to the equity that I gained on my house? Will it be all mine or will the trust take it as well?

[@CMSLawFirmLLC]

While you are alive you and the trust are the same. So it will be all yours (although the check will be made out ot the trust).

[@vjensen56]

Hello Chris. Let’s say the irrevocable trust is still in the 5 year look back period. Would selling the house and taking some of that money out trust effect whether you apply for medicaid? Does it reset the 5 year look back? Thanks!

[@CMSLawFirmLLC]

Very specific question that has state rules. I'd reach out to an ELDER law attorney in your state and ask. Thanks!

[@wayneguy6043]

I have one parent and I want to set up a irrevocable trust and put their house in it. My question is if I am the trustee and the sole beneficiary can I sell the home and use proceeds to make an addition on my home for that parent to live in?

[@CMSLawFirmLLC]

Why don't they just do that? You'll get better tax treatment that way (and not have to go through the process of setting up a trust).

[@JohnnyNubs]

Hello CMS, curious to know how I would go about getting started when it comes to buying a home that bank of america owns through a revocable trust.

[@CMSLawFirmLLC]

Find out who the assigned trust administrator inside BofA and talk to them is probably where I'd start.

[@carolynbeardsley8103]

When you are accepting payments for house in trust and it is tax time do we claim these payments in the trust?

[@CMSLawFirmLLC]

If a revocable trust they usually pass through to you individually. Consult an attorney (and accountant) to make sure.

[@jasonrampolla9865]

Question, what if the Grantor is still alive and decide to sell the home. Can they access the proceeds from the sale of the home if it was owned by a trust?

[@CMSLawFirmLLC]

If it was in a revocable trust, then usually yes. If it was in an irrevocable trust, then usually no. Exceptions do apply though, so please talk to a local estate planning attorney before you do anything. Cheers.

[@wayneguy6043]

@@CMSLawFirmLLCcan the trustee who is the sole beneficiary take the proceeds and place them into their personal account?

[@badbob-1923bob]

My dad had a reverse mortgage on his house and didn’t live in it for like 7 or 8 years then moved out of state for over a year then passed away the house is in a trust but has been just sitting for almost a year my half sister is the executive of the estate and hired a estate attorney but I’m not getting any info on when the house will sell. Any ideas? Thanks Bob

[@CMSLawFirmLLC]

Many questions to follow up with here. I'd probably reach out to a probate attorney in your state so you can tell them the details and they can tell you next steps.

[@kimngo2147]

What about capital gain if you put your primary home in the trust and then sell it?

[@CMSLawFirmLLC]

Same as if it's not in a trust.

[@brendabarr8811]

Hello, if a house is owned by a family trust, do they have to complete a seller's disclosure?

[@CMSLawFirmLLC]

kzbin.infokir7rf65TIU?si=DLYQVyQtPdxa8AvY This might help.

[@jimhandler1129]

How do capital gains taxes work when selling a house, that's in a revocable trust, and the owner of the house (my 90 year old mother, who is now in an assisted living) is still living. House is paid off. Bought in 1976 for $175K, then put into a revocable trust in 1994. House value now approx. 2 million.

[@CMSLawFirmLLC]

Same as if it were not in the trust. Tax basis is $175k. Mom gets a personal residence exemption of $250k. Around a 20% tax paid on the rest.

[@jimhandler1129]

Thank you. Really appreciate you answering my question.@@CMSLawFirmLLC

[@jimhandler1129]

Thank you for responding so quickly. If the house was originally put in my father's name in 1976, then switched to my Mom's name in 1994, then put into a revocable trust in 2001, does that change the cost basis?@@CMSLawFirmLLC

[@analomeli4187]

Going through divorce now and I only want to keep the house I’m still paying it. So my still husband what “to create a revocable living trust where the kids would be the beneficiaries upon death and the mortgage would be transferred to the trust” What question is this fair? Or the house is going to my kids only and I get nothing from 21yrs of marriage

[@analomeli4187]

I hope you can help me 😢 Thanks

[@splendid_is_she1614]

​@@analomeli4187Sorry there seems to be something, off! Was this resident in both you and husband 's name? Also if so, usually doing a divorce, the primary residence of married folks gets divided or one buys the other one outhad nothing to do with children. Unless he created that trust years ago, yet he would have had to put everything to you first then, your children if you as the spouse didn't survive him. So, i know lawyers are costly, yet may hope is everything worked out for year being this comment was a yr ago. Blessings.

[@apexmath]

How about selling it if it is in an irrevocable trust?

[@CMSLawFirmLLC]

If it's an irrevocable trust that would be the decision of the trustee of the trust. But it would be similar mechanics.

[@dohyunkim1548]

@@CMSLawFirmLLC If the mortgage lender insists on Scenario #1 (transferring the title back into my name to sell the house), what should I do then? In an irrevocable trust, can you transfer a property that's been conveyed into the trust back into your name?

[@ERAP1st]

What happens if the owner of the trust passed away and the children who were the beneficiaries of trust wants to sell the house, what happens then?

[@CMSLawFirmLLC]

You would usually look to the directions in the trust and the then acting trustee would do whatever was allowable.

[@Mixdplate]

My mothers NJ home, where I currently reside, is in a Revocable Trust to me. She lives across the country and we are now wanting to sell the home. She holds the original Trust documents, and I have copies. The real estate attorney claims the originals are needed and she's hesitant on sending them. Why wouldn't the copies be acceptable?

[@CMSLawFirmLLC]

No idea. I'd get a second opinion (i.e. talk to another lawyer).

[@aliciacastaneda4340]

How to get rid of the TRUST to sell and buy a house ???

[@CMSLawFirmLLC]

I don't know that you need to get rid of the trust. Just list the house for sale in the name of the trust and go from there (the title company will help you with the details). This assumes, of course, that you have authority to sell the house. :)

[@click411]

if you want the money you receive for the house to go into the trust do you set up a bank account for the trust?

[@CMSLawFirmLLC]

It depends... often the answer is yes, only because the check is made out to the trust. I'd have to know more about what you are doing specifically to answer your question.

[@CentralNH]

So if Joe had a trust and dies. The trustee sells house where does the purchase money go? In the trust account or the trustees personal account.

[@CMSLawFirmLLC]

kzbin.info-gfkbA5HySs?si=ypGCAVIrzQfx8pj_ This might help

[@lucindacorral2769]

If I'm the business fishery to these trusts and I'm over 18 they're not obviously looking out for my best financial interest they're looking out for nothing but them so I want to take it out of their hands and find people who want to be a team that works with me personally face to face or I want the accounts Frozen until they get my pay card and everything to me and they start showing me did they give a f*** about more than just themselves they're all getting paid to do a job but they don't seem to be doing it otherwise why is my certificates of ownership and stuff coming to me blank they know my name I'm over 18 put my freaking name on it isn't that what we paid them to do to administrate the trust

[@ocean1233]

It's NOT THAT SIMPLE

[@lucindacorral2769]

It's awfully funny how the city and everybody going to say oh pay my bills pay my bills due to this build that but they don't even make sure my s*** gets paid how is that even fair why can't if they take if they take money out and then they take money out for my life insurance and they take money out for my insurance they're taking money out of something so where the hell is my pay card and my insurance card I need dental work and stuff done why is everything so one-sided with everybody or I get canceled or I need to do this or that obviously they've been doing their jobs I would never ever been in the situation I had been but for them to try to force their will upon me or force me into working the way that they want me to work is unfair. I have an income why don't I have a pay card everybody else gets paid and why can't they send me my judgments that's been ordered on one of those little cards you guys were able to manage to get everybody stimulus checks so why can't they get me a card sent

[@arifautomobile]

Ur language not clear

[@CMSLawFirmLLC]

Sorry! Working on that.