IndependenceMissouri(MO) Patel, Kalpesh J. personal infomation and areas of practice

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lawyer Patel, Kalpesh J. Reviews

you can use the irrevocable trust to hold the assets (ie the house). when you say.... . "Example buy a house and sell it three years later then take the money and buy another house and put that house in the irrevocable trust?". . it sounds like the first house you plan on buying will not be in the trust but the second will. both can be as long as the proceeds from the sell of the first house stay in the trust until you purchase the second home, which will also be titled in the name of the trust. keep in mind that any income earned from the home can only be paid out in accord with the trust allowances and cost of upkeep should be paid from the trust...unless it states differently.. . one other thought would be to set up an ILIT but who the insurance policy is on and who pays the premium could get a little tricky so be sure you are familiar with the aspects of this trust before you consider it.. . and of course as a disclosure all financial situations are different so consult a financial advisor before making financial decisions.

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