Our child has had some trouble in his past with 3 felonys, we are wanting to purchase a trailer and some land so we know he will always have a home, there is a possibilty he could do better later in life but alot is stacked up against him, plus his willingness to do better sometimes is in question. Is there a way we can purchase land, put a trailer on it (all paid in cash), insure the insurance and taxes are paid each year to insure he will have a home, if nothing else he can grow a garden. My question is there a way to put the ownership of this in some kind of trust (say his son 7 yrs old) that our son can not sell it, lose it in anyway and if something happens to us it will be in our grandchilds name? If he does do better and moves into a house, never know he could lose that one day, that this trailer and land could be rental property and he could move back in the event something in his life forces him to need this place to live?
Thanks, please let me know or ask me any question needed?