I'd like to create a trust to place a home I recently purchased and I intend to have my parents live there for as long as they live. When my parents are no longer alive or no longer wish to live there, I could change the beneficiary to be someone else. I'm thinking of proceeding with the living trust as it gives me more flexibility and in the long run protects the house from probate, should anything happen to me.
I have learned that New York State and the county where the home is located, will give my parents a break in the property taxes if they are the beneficiaries of the trust.
I understand that I will be the grantor and the trustee (my wife as successor trustee) but something tells me that my parents shouldn't be listed as "successor beneficiaries".
What is the proper type of trust that will have them as "present day" beneficiaries?
