|Questions after the sale?
I got money for selling my condo in Florida. Am I able to put that money into a CD because I have an irrevocable trust?
OK, the Florida property got sold and we want to know where to put the money from the sale. My first question is who sold the Florida property? Was the property owned by the irrevocable trust? If so, the trustee sold the condo not you…and the trustee is holding the check. If so, then the trustee can deposit the money anywhere and invest in anything, including a CD, as long as the new investment is held in the name of the trust.
On the other hand, if you sold the condo, then you got the money and you can invest the money in a CD. In this situation, I caution you not to put the money from the sale into the trust, at least not without talking to us first. Adding money to an existing trust could complicate the trust. However, if the Condo was titled in the name of the trust, these complications do not exist.