27ysq asked:
I am paying on a mortgage. Should I consider placing it in a trust? It is our primary residence, only residence. I want to protect it from anyone who may ever try to sue me, or my family. We live in Illinois. So what are the advantages or disadvantages? Cost of putting in trust? Property is worth about 150k. What about if I wanted to sell the property down the road. Which will probably happen? Maybe even in a year or two? Thanks.
Monty Dunavant
I am paying on a mortgage. Should I consider placing it in a trust? It is our primary residence, only residence. I want to protect it from anyone who may ever try to sue me, or my family. We live in Illinois. So what are the advantages or disadvantages? Cost of putting in trust? Property is worth about 150k. What about if I wanted to sell the property down the road. Which will probably happen? Maybe even in a year or two? Thanks.
Monty Dunavant
For an umbrella policy just for that purpose.
An umbrella policy just for an umbrella policy just for an umbrella policy just for that purpose.
The purpose of living revocable trust is not protected from creditors or lawsuits like.
My sister did that would not be able to sell it while you have enough insurance coverage.
It is not really necessary to put it in trust. Judges won’t allow a trust to shield you if you break the law (which you don’t intend to do). The trust is just to make the inheritance faster than going thru Probate. Banks don’t like to loan to a trust. They will only loan to a person..