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Buying Home In Name of a Trust
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In this episode, Jen Hernandez interviews John Strohmeyer, a specialist in real estate, probate, and estate issues. They explore the difference between revocable and irrevocable trusts and discuss why lenders prefer properties in revocable trusts. This episode is for homeowners, potential homebuyers, and anyone seeking to understand the implications of placing assets, especially real estate, into a trust.
Jen and John also delve into the benefits of putting a house in a revocable trust while cautioning against immediate funding of revocable trusts to avoid triggering due-on-sale clauses with lenders. This episode also emphasizes the importance of seeking professional advice when considering estate planning to avoid potential pitfalls.
In this episode, you’ll learn:
- The two main types of revocable trusts, a testamentary trust or a lifetime revocability trust
- Why lenders prefer properties in revocable trusts
- Avoid probate and simplify asset management
- Understand the implications of placing assets into a trust.
Must-listen moments:
[00:01:08] What is a revocable and irrevocable trust
[00:01:15] Why would people want to put assets in a trust in the name of a trust?
[00:03:20] The difference between a revocable and irrevocable trust
[00:05:31] What are the benefits of a revocable management trust?
[00:08:01] What happens if a revocable trust is denied?
[00:10:24] How much should you expect to be taxed? Bad advice from banks on revocable trusts.
John Strohmeyer: https://www.strohmeyerlaw.com/
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
To contact us visit www.loanwithjen.com
Equal Housing Opportunity Lender NMLS# 514497
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Resources mentioned in the episode:
https://www.loanwithjeneducation.com/
https://www.instagram.com/loanwithjen/
https://www.facebook.com/loanwithjen
https://www.youtube.com/channel/UCFrSijIoUv59fxf0hXMro7g
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