- This topic is empty.
-
AuthorPosts
-
Robert
Does anyone know anything about trusts or could point me in the right direction?
My brother and I own a number of fully paid for properties together, we really have no idea what is the best course of action but wed like to protect these assets, and somehow organize this so they can pass down to our children in the same manner as we hold them now but not allow them to be seperated/sold, atleast while we’re alive.
Any ideas what im looking for?
Please forgive my ignorance, thank you all.
JoeMy wife and I have our properties in a revocable living trust to prevent probate.
For liability protection, we have an umbrella liability policy.
I’m in CA and LLCs cost $800/year to maintain, so it’s not cost effective to have each property in an LLC.
Owning property with your brother complicates things.
Also, a mortgage is a form of liability protection.
A person may decide not to sue you if they think you don’t have a lot of equity in the property.
In short, talk to a lawyer.
ViJayGiven the assets involved, it’s a good idea to consult with an estate planning attorney to ensure everything is structured correctly.
Also, consider reviewing your Will, setting up Powers of Attorney, and making sure all your accounts have the proper beneficiaries listed.
-
AuthorPosts
Related Topics:
- How would you split finances in a second marriage?
- I need help with ideas on a hard type case of some kind –inexpensively– to protect these headphones
- What are the essential steps to protect myself financially before filing for divorce?
- Can I change the life insurance beneficiary to my husband or a trust?
- How would someone protect their taxable account (i.e. individual account) from civil lawsuits, creditors, etc.?
- How can I protect my assets in a divorce without a prenup?
No related posts.