Transferring personal residence to a Trust
I am considering transferring My personal residence currently owned by Myself and My wife to a trust to benefit my wife and children in the future. I have a 40 year mortgage for $830,000 paying interest currently 2% going to 5% in ten years on and principle on 581000 with a balloon of 249,000 interest free due in 40 years. I want to preserve these terms and the property in the event of my "premature death". What are the advantages of a trust owning the property and will the tax deductions be preserved if I make This transfer?