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One Trust dissolved, another opened

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sampsonpost

Junior Member
What is the name of your state (only U.S. law)? Michigan


Helping my aging Father prep for a Revocable Trust.

His Mother recently passed. Within HER Trust (currently undergoing dissolution), a condo was jointly left to my Father and another sibling. This sibling would like us to buy out her interest. My Father is hesitant, due to baseline cost and the tax burden that will be assumed.

Under the assumption that he decides NO, HE WILL NOT BUY HER 50% interest in the property, can his 50% ownership in the property be placed within HIS trust?

Thank you.
 


TrustUser

Senior Member
in order for a titled asset to be owned by a trust, the asset must be titled in the trust.

a trust can certainly own a percentage of a piece of real estate, but it must be titled in the trust.

since you did not say for sure, i am assuming that the piece of property is held by your father and his sister, as individuals ?

if you fill out a grant deed that both your father and his sister sign, you could certainly grant from father and sister to father's trust and sister (or her trust if she has one). if she isnt willing to sign, then i dont know. you might need to get the advice of a real estate attorney.

one can will property as well. but that would apply if it is owned as tenants in common. in joint tenancy, the survivor usually takes full ownership of the asset.

if there are differences in michigan law, someone will make some corrections for you.
 

curb1

Senior Member
sampsonpost,
What is the reason for not selling the condo and splitting the proceeds? Sounds like sister would be fine with that option. Tell Dad to sell.
 

Dandy Don

Senior Member
If he consulted the advice of an estate planning professional, trust attorney or CPA, there may be a way for him to get the numbers worked to help him make a more informed decision.
 

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