Living trusts avoid real estate probate problems

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: Thank you for recommending, about six or seven years ago, that my husband and I set up a living trust for our major assets. But the first lawyer we consulted said living trusts were a rip-off. However, a close friend recommended her lawyer who set up our living trust and deeded our four properties into our living trust. All went well until my husband became afflicted with Alzheimer's disease. He quickly deteriorated and, after consulting our two adult children, we agreed he should be moved to a convalescent home specializing in Alzheimer's. Unfortunately, such care is not paid by Medicare. I had to sell one of our rental properties. But, thanks to the living trust, I had no problem doing so. Then he suffered a serious stroke and had to be moved to a higher, more expensive, level of care. Again, I had to sell off another rental property. As successor living trust trustee, I had no problem transferring title without his signature. Then he died. It was a blessing because he no l...