Living trust advice a real estate lifesaver

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

DEAR BOB: I am so grateful to you for your helpful articles and to the newspaper for running them. About a year ago, you wrote about the benefits of holding real estate titles and other major assets in a living trust. I convinced my mother, then 87, to put titles to her Florida vacation condo, her primary house, a timeshare, inherited land in Nebraska, her stock brokerage account, her bank accounts, and a New Jersey commercial building into a living trust. I was named the successor or alternate trustee. The living trust specified that upon her death, the assets were to be sold unless one of the three heirs (myself and two brothers) wanted to buy out the others to keep a specific asset. About three months after transferring the titles into her living trust, she suffered a severe stroke and was unable to effectively communicate. Thanks to the living trust, I was able to lease her empty New Jersey building while she was in a convalescent home, thus providing income for her care. She passe...