putting a home into trust, what are some of the benefits? and what are the costs associated with it?

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Benefit would be any liens on the property and in a trust mean they can’t come after your kids/beneficiaries.

The advantage is estate planning. You can avoid probate which can cost 10s of thousands of dollars. I believe that you can also get a full step up in basis when the first spouse passes rather than just a 50% step up. Cost is probably $5k to have an attorney create the trust and then either you or the attorney can have the deed transferred to the trust. I have two houses both owned by our trust. The trust also owns all my non-retirement investments.

I’m in Ca but also own a house in Co.

I just wrapped up on my revocable trust. It cost $1500 for everything including durable power of attorney, living will, etc etc. I have multiple properties and everything was transferred to my revocable trust. You don’t lose control unless it’s an IRRevocable trust which that has its disadvantages and advantages. I didn’t want an irrevocable for that reason. I didn’t want to lose control.

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