The Trust does and it becomes a deduction on the Trust's tax return.
Property taxes are the responsibility of the owner. Unless there is a clause in the lease saying otherwise, the renter/leasor is not obligated to pay them. The government will place a lien on the property.
A Landlord must pay property taxes on the Home. In our Area a $80,000 Home is Charged $2000 a year in property taxes. Every where is different but they will be in the same ball park.
no
To determine a home's property value one can vistit one of the following sites: Willow, Trulia and Realtor. On the Willow and Trulia sites you can simply type in your address and get an estimate on your home's value.
If you can't pay your property tax, eventually your home would be taken for payment of back taxes.
You need to discuss that with your lender. Some lenders are reluctant to finance real property owned by a trust. It is permissible according to Fannie Mae underwriting guidelines.
Trust law is extremely complicated. And yes, an improperly drafted trust can leave your property exposed to creditors and taxes. A revocable trust implies that you maintained some control over the property. That may cause the property to be exposed to creditors. The surest way to protect property is with an irrevocable trust. You should consult with an attorney who specializes in trust law and tax law.
http://en.allexperts.com/q/Real-Estate-Home-1842/Refinancing-Trust.htm
The nursing home can only take it if it has been less than 5 years since the Trust was established.
Setting up an Irrevocable Funeral Trust Final Expense plan can now be done by attorneys, financial planners, insurance agents and funeral consultants. With the funeral trust being offered by the attorney, financial planner, insurance agent or funeral consultant, the senior doesn't have to go to the funeral home. In the comfort of their own homes, they can sign an irrevocable funeral trust that is funded with a single payment life policy.
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
Definitely need to see a CPA for this tax advice. Many possible complications.
Answer: Several years before the move to a nursing home becomes likely, you would need to convey it to family member (son or daughter?) or place it in an irrevocable trust. You need to consult an attorney regarding estate planning.
It depends on how the trust is drafted. A properly drafted irrevocable trust, in Florida, will be invisible to Medicaid (Medicare doesn't factor assets into whether or not one is qualified the way Medicaid does). However, transfers of assets into the trust must be done 5 years before applying to medicaid or medicaid will assess a transfer penalty (this is referred to as the "five year lookback"). The transfer penalty is a period of ineligibility for certain medicaid benefits depending on the size of the transfer. As a result, irrevocable trust planning would not be appropriate for all Medicaid planning scenarios.
That all depends on the trust and whether it was properly drafted to remove your property from your estate and place it out of reach from your creditors. If your trust was improperly drafted your property will remain vulnerable to creditors. One of the most common trust errors made is for the grantor of the trust to retain control over the trust property by acting as the trustee and often as the beneficiary as well. In that scheme no trust was created and the property is still in the estate of the grantor. Your trust needs to be reviewed.
You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.
If there were improvements made on the home or a loan taken out against the property, and they person/company goes through the proper steps, yes. The property being in trust does not affect that ability. It may be that your son is insuring that down the line when the trust has served its purpose that he wants to protect his investment.