“Trusts are an excellent vehicle for both estate planning and asset protection as well, but there are important things to keep in mind. Obviously, the most important thing is to have a very tightly drafted trust agreement, but also if you live in an apartment, you will want to check with your condominium association or your cooperative board to see if they will accept ownership in the form of a trust.
Lastly, if you have a mortgage on the property, you will want to either pay off the mortgage or clear this with your mortgage company, since a transfer in ownership would typically void the mortgage. In short, this is something you really should be working on with a skilled attorney.”
~John Moss, Partner at Moss & Moss LLP in New York City