Trusts Good or Bad?
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Trusts Good or Bad? (by Baman [AL]) Jun 21, 2024 7:17 AM
       Trusts Good or Bad? (by Kevin [FL]) Jun 21, 2024 7:38 AM
       Trusts Good or Bad? (by WMH [NC]) Jun 21, 2024 8:16 AM
       Trusts Good or Bad? (by Kim [TX]) Jun 21, 2024 10:12 AM
       Trusts Good or Bad? (by Ray-N-Pa [PA]) Jun 21, 2024 11:26 AM
       Trusts Good or Bad? (by Robert J [CA]) Jun 21, 2024 11:40 AM
       Trusts Good or Bad? (by Ray-N-Pa [PA]) Jun 21, 2024 12:20 PM
       Trusts Good or Bad? (by Allym [NJ]) Jun 21, 2024 3:03 PM

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Trusts Good or Bad? (by Baman [AL]) Posted on: Jun 21, 2024 7:17 AM
Message:

Hello everyone,

Happy summertime. I would like to know your opinion and advice for placing rentals in a trust. Here are some of my concerns;

For those who use trusts what are the pros and cons with your experience so far?

Dealing with banks if you want to borrow against a property are there any problems?

What about tax issues, any issues to deal with?

All info is greatly appreciated! --69.228.xxx.xxx




Trusts Good or Bad? (by Kevin [FL]) Posted on: Jun 21, 2024 7:38 AM
Message:

Moved everything into a trust years ago after meeting with Florida attorney. Some here use a LLC but that does not give you the protection every thinks. Trust does not have to go to probate and can be changed whenever I want. --94.140.xx.xxx




Trusts Good or Bad? (by WMH [NC]) Posted on: Jun 21, 2024 8:16 AM
Message:

We use a trust. It owns our LLCs. For us it will make it easier to distribute our assets to specific kids when we die: this one gets that LLC that one get this LLC and the other gets the remainders (it about equals out.) For taxes it all passes through to our personal return, just like the LLCs. --173.28.xx.xxx




Trusts Good or Bad? (by Kim [TX]) Posted on: Jun 21, 2024 10:12 AM
Message:

We did have an issue with a bank not wanting a new property deeded into my mother's trust, so it was deeded in her name and became part of her estate, separate from the trust- kind of defeats the purpose... --50.230.xxx.xxx




Trusts Good or Bad? (by Ray-N-Pa [PA]) Posted on: Jun 21, 2024 11:26 AM
Message:

Land Trust are the swiss army knives of your real estate tool kit.

Make an LLC a beneficiary of your trust instead of taking title directly into an LLC.

Trust can help with privacy, asset protection, probation, gift giving, creating joint ventures and or partnerships, tax savings and creating wealth by providing the frame work for sub to deals. The problem, 95% of the world doesn't know how to complete different twist to these tools to get your desired outcome. Are these 100% full proof - I don't believe anything is.

When getting a loan against a property in trust some banks will tell you to get a new TIN. This would still go on your tax return but it is listed by the address. So don't name your trust using the address. --24.101.xxx.xxx




Trusts Good or Bad? (by Robert J [CA]) Posted on: Jun 21, 2024 11:40 AM
Message:

Grand parents have a family trust.

Parents have a family trust.

I have a family trust.

My children have a family trust.

Why?

A Family trust continues until the youngest grand child is dead.

When my grand parents died, everyone except my father and mother kept those asset in their parents trust. So when my uncle and aunt transferred their share of their parents trust into their name -- it was fair game for tenants to sue, spouse to divorce and get half, or new spouse to keep and not give to the rightful grandchildren. I've seen it happen.

When I was sued for a car accident that I didn't cause, everyone thought I was supper rich and was worth suing. However My grandparents trust in not in my name and not mine (on paper). My parents trust is not mine, it's still theirs. So those assets could not be touched. I could direct those asset from grand parents and parents to my children and grand children -- sipping over for legal issues, but I had full access to those assets if need be.

When a wife thought she could leave me and live in Beverly Hills, drive a fancy car and live her life like a queen, I had to bring her back to earth and planned a trip to Boyle Heights. Chicago Ave and 1st street area, where the Maharishi bands play all night and keep everyone up. I told her she could have a second or third story walk up apartment. Share it with the roaches and listen to fee music all night.

She wanted to know how this could be. My grand parents hundreds of thousands of dollars was in their trust and not in my pocket. My parents million dollar trust was also wasn't in my name. My trust and my family trust, with millions, was set up to go partially into my wife hands for safe keeping, but could only go to the kids, not a new spouse, boy toy or con-man. And my kids trust allowed them access to a monthly income, not there to spend.

So a well planned trust is worth having.

One family that I know only likes having 1 child. So the grand parents left everything to their grand daughter. The parents of the grand daughter also gave everything to their kid. And that grand kid could only access those trust when she retired at 65. She had everything invested for around 100 years (including during the grand parents life). So at 65, her investment broker informed her that her nest egg was around 100 million. --173.205.xxx.xxx




Trusts Good or Bad? (by Ray-N-Pa [PA]) Posted on: Jun 21, 2024 12:20 PM
Message:

I am not used to Family trust Robert, just living trust, personal property trust and land trust

Does the family trust protect the family by locking in Prop 13? --24.101.xxx.xxx




Trusts Good or Bad? (by Allym [NJ]) Posted on: Jun 21, 2024 3:03 PM
Message:

So when my parents turned 80 with twenty units, there was no inheritance tax for children in NJ. But being psychic I knew there was going to be a problem there. A trust lawyer was giving a lunchtime speech on trusts so I went over and learned about trusts. That night I spoke to my parents and told them if something happened to the I would not be able to hold onto the buildings, Dad's little empire he grew after being a Great Flu Pandemic orphan with nothing but some occasional help from the people in the old country. They sent him some cash and he bought a Packard Touring Car instead of investing. So we all went to see Mr. Binkly, name changed to protect the guilty. We could not understand his gibberish and thought it was us. It wasn't. He prepared the paperwork, Mom became one Trustee and he was the other and we paid him. Death came for Dad early due to diabetes. I got downsized and took over running and working on the buildings as they needed a lot of rehab due to Dad's illness. Mom signed checks. Then Mom passed at age 94. Not all the buildings was she willing to put in the trust but the best ones were and I could not get Mr. Binkley or his Dune character assistant to sign the checks. HE had never put the Trust into the legal system locally but my attorney got a signature and was able to transfer them to me as I was the beneficiary of the trust. Fortunately President Bush had passed some federal legislation exempting children from federal inheritance tax but his law was going to sunset with him so I made it just under the wire but had to pay state tax on the non trust properties. There was a small sum of money in the trust left but the bank had changed the name on the account to being for my father not of my father so I have to this day been unable to get it out after Mom had passed and was not signing checks. All I needed was to be appointed Trustee and then get the money but I could not get one bonehead attorney to do that for me and they all had their own ideas how to get the money which Bank of America who made the two letter mistake on the account would not see their mistake and fix it and each attorney had their own idea when BofA said the only thing they would accept is making me Trustee. Now the money has gone into the unclaimed funds of New Jersey. --173.61.xxx.xxx



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