How can I protect and pass down jointly owned properties to my children without them being sold?

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  • #104937 Reply
    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.

      #104938 Reply
      Joe

        My 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.

        #104939 Reply
        ViJay

          Given 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.

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