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Married in 2013. Home in Kansas was purchased later in 2013 for approx $125k, using funds exclusively from wife. This is the residence. Currently worth approx $150k.
Wife wishes that upon her death, husband is allowed to stay in the home until no longer needed, then it is to pass on to charity. Wife wishes to also provide for care of her pets.
We think a trust would prevent anyone from altering wishes after her passing. Is this true?
If home were placed in trust now, with Wife as trustee, how does that affect purchasing insurance? Property taxes? Liability? Income tax?
BTW, Husband is in agreement with all this.
Wife wishes that upon her death, husband is allowed to stay in the home until no longer needed, then it is to pass on to charity. Wife wishes to also provide for care of her pets.
We think a trust would prevent anyone from altering wishes after her passing. Is this true?
If home were placed in trust now, with Wife as trustee, how does that affect purchasing insurance? Property taxes? Liability? Income tax?
BTW, Husband is in agreement with all this.
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