 Trust for heirs (by Adele [FL]) Dec 3, 2022 11:09 AM
 Trust for heirs (by myob [GA]) Dec 3, 2022 11:22 AM
Trust for heirs (by Robert J [CA]) Dec 3, 2022 11:41 AM
Trust for heirs (by Vee [OH]) Dec 3, 2022 12:38 PM
Trust for heirs (by Ray-N-Pa [PA]) Dec 3, 2022 10:39 PM
Trust for heirs (by Leigh [TN]) Dec 6, 2022 10:37 AM
Trust for heirs (by Adele [FL]) Posted on: Dec 3, 2022 11:09 AM
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Any general advice on trusts and their ability to protect assets for future generations? If I put deeds in a trust can I still file evictions or other court papers on my own? I know I can get a lawyer for more advice, but what are YOUR experiences. Pros, cons. Thanks. --174.239.xx.xxx |
Trust for heirs (by myob [GA]) Posted on: Dec 3, 2022 11:22 AM
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simple answer this is to important to think-- think you've done it right.
Living will-Trust Acct-LLC or FLP with a Corp as the head.
You set a line of succession but eventually it will get to someone who doesn't care about rentals. Once they take over the trust it's now their decision.
People have written books on this subject. --66.133.xx.xx |
Trust for heirs (by Robert J [CA]) Posted on: Dec 3, 2022 11:41 AM
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Laws have been changing for the worst. Before, if you have a living family trust and will, and made sure your kids didn't disband and split up the assets, then you could have shielded rental income because of the step up basis and the allowed mandatory new re-depreciation from the new step up basis. And if one of your kids get divorced, instead of them getting half of your child's shared, they would get zip. After you and your spouse's death, it stays in your trust for your kids benefit, then when they die, it goes to your grand children.
One associate did not set up her trust correctly. Her 3 kids got 20M each and spent it. When they died, the grand children got zip!
Check with a local Trust and Probate attorney about the new rules for your State..
A Living Family Trust can be kept alive until your youngest grand child dies. --47.156.xx.xx |
Trust for heirs (by Vee [OH]) Posted on: Dec 3, 2022 12:38 PM
Message:
Study your local and state law for this answer, in most areas once there is a company name involved a lawyer who is careful not to allow piercing the veil will be needed, once the veil is open all the trust work is lost. --76.190.xxx.xxx |
Trust for heirs (by Ray-N-Pa [PA]) Posted on: Dec 3, 2022 10:39 PM
Message:
Place the property into a land trust upon purchase with your management LLC a trustee. Upon your demise, have your living trust as a successor trustee. This LLC shouldn't own assets - just manage them
Florida doesn't allow the trustee to be out of state in a Florida based trust.
I can recommend a Florida based trust company if you need one.
I love doing sub to deals in trust.
--24.101.xxx.xxx |
Trust for heirs (by Leigh [TN]) Posted on: Dec 6, 2022 10:37 AM
Message:
Hi!
Clint Coons, with Anderson Business Advisors, has LOTS of videos, Youtube, etc on the topic of asset protection, trusts, etc. I think you could get some good ideas of what's available and then choose what you want to do.
God bless you! --73.120.xxx.xxx |
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