Lisa, a 69-year-old retiree in Miami, is ready for a change. After decades of living in the outskirts of the city, she and her husband want to relocate somewhere quieter and more affordable. Their $1.1 million home is costly to maintain, and they’re hoping to cash out and downsize.
But there’s one complication: years ago, Lisa transferred her home into an irrevocable trust, naming her two sons as both beneficiaries and trustees.
At the time, it seemed like a smart move to protect the property and ensure a smooth inheritance process. Now that she’s considering a sale, she’s unsure — can she sell the house and use the proceeds to buy a smaller one, or does the trust restrict how money can be used?…