Can I put my mortgaged house in a trust for my kids with no money upfront?

G

GrunMataPing

New Member
I need advice. I have been in family court for years. It is over now.

I did not get a fair deal. I lost a lot of money. I kept my house. I have had a mortgage for over 20 years. I owe more now than I did at the start.

I want to pass this house to my kids. I need to protect it.

I have some tax debt. It is growing. I cannot pay it soon.

Many people have been taking from me for years. It is getting worse.

I may get stuck in a bad situation.

I cannot get ahead financially. I do not see that changing soon.

Because of the court system, I travel monthly. I visit my younger kids with my eldest. I go if I can afford it.

Moving interstate is not an option. There are a few reasons.

Does anyone have advice about putting the house in a trust? I want the kids to be the beneficiaries.

I have very little money. The cheapest way is best. I still have a mortgage.

Any help is appreciated.
 
If you can't make your mortgage payments, the bank will eventually foreclose on your home. Even with a trust in place, it won't stop this process.
 
Hey, just a thought it might be worth looking into rolling your tax debt into your home loan for a few years. Yeah, the loan rate would be higher overall, but it's still way lower than what the tax debt is costing you. Then down the track, yu could check out moving the whole consolidated debt somewhere else, which might work out better in the long run.

If you’re up for it, let’s chat and run the numbers could be a solid move for you and the kids in the long run!
 
Honestly, I wouldn’t go with a trust. You mentioned money’s tight, and that’ll just add more costs like land tax, yearly trust tax returns, and fees for the trustee company.

My take is, you should just trry to pick up more hours at work, cut back on interstate trips, and focus on clearing that tax debt. Once it’s paid, you can ask to have some of the interest and penalties waived. If that works out, put that money straight into your mortgage.

Or, like others have said, selling the house might be the better move. You could pay off all your debts and then buy an older unit with a smaller, more manageable mortgage.
 
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