Posted on: 06th Aug, 2010 03:56 am
My mother owns a winter home in FL, no mortgage. In her trust it states,"the Grantor's interest in any real property in which she resides shall be deemed an interest in "real property, not personally."
Does this mean she cannot sell it? Or that it is owned by the trust, and not by her?
Does it mean if the property sold she could not claim the proceeds but that the proceeds would be paid into her trust?
Does this mean she cannot sell it? Or that it is owned by the trust, and not by her?
Does it mean if the property sold she could not claim the proceeds but that the proceeds would be paid into her trust?
As the property is in a trust, then the trust owns the property. If she wants to sell off the property, then she'll have to remove the property from the trust. As the property will be out of the trust, she would be able to claim the sale proceeds.