Archive for the ‘Renting & Real Estate’ Category
I live in California – my father recently passed and put his 1/2 community property interest in a life estate within a family trust. The trustee has a life estate with the remainder going to myself and two brothers. We are concerned that the current trustee of the family trust will attempt to sell the residence and leave town without paying us our share. Is there anyway to place a lien on the residence title, so that if she attempts to sell the residence – we will know and be able to take steps to ensure that we get paid? Thank you very much for your help.
Luther Gates
I am in the process of buying a home from a family friend. He has agreed to sell on a land contract, but after talking to a lawyer.. I’d rather sign a promissory note and a trust for deed. How can I let them know that it’s better for them and me?
I basically need to know how to be persuasive about it.
Carter Lenhart
Common 9 to 5 people purchase their homes through the bank by putting so much down and the bank will lend the rest but I hear celebrities purchase their homes through a trust or a family trust. Can anyone explain that to me?
Craig Ausley
We have a second home in California that’s been in the family for multiple generations. It’s currently owned by one of my parents, who is no longer interested acting as its steward. We’d like to transfer ownership of it to a trust that is jointly owned and controlled by me and my siblings and our cousins.
What are the mechanics for doing this? How do these sortsof trusts work? Any good references of people who can help us set this up? Any tax implications we should be aware of?
Thanks, in advance, for your answers!
William
I am paying on a mortgage. Should I consider placing it in a trust? It is our primary residence, only residence. I want to protect it from anyone who may ever try to sue me, or my family. We live in Illinois. So what are the advantages or disadvantages? Cost of putting in trust? Property is worth about 150k. What about if I wanted to sell the property down the road. Which will probably happen? Maybe even in a year or two? Thanks.
Monty Dunavant
I am not talking about inheritance tax of the individual trust members. I understand that the trust itself is taxed upon the sale price. I am curious what the percentage is.
Kyle Bargar
Is it possible to get a mortgage for a single family investment home (non owner occupied) under the credit of a corporation, LLC or Trust alone..If so what are the requirements and what lenders do this?
Thanks!
Ali Gresko
Is it best to refinance in the trust or to sign the house over to a family member with better credit and refinance and then put into trust?
Vicky
My in laws passed away leaving in a trust their home which is paid for. The house then went to my husband and his sister. The sister has passed away. House is being rented out, to my husband as the landlord. If my husband dies, who would get the house?
So if the brother and sister are both decesed, the trust is no longer valad? It would not go to the brother’s widow?
Im in Calif.
So does my husband need to have a will made out? AS the trust as far as I can see, states neither myself or my brother in law, as recipients.
Mariam Quiel
My grandmother passed away and I am looking to purchase her house. The house now belongs to her trust, ‘the estate of …’. I will need to take out a $185,000 loan even with a down payment of over 20%.
IRS tax form 5405 states: “Who Cannot Claim the Credit” “You acquired your home from a related person. A related person includes: Your spouse, ancestors (parents, grandparents,
etc.), or lineal descendants (children, grandchildren,
etc.).”
It sounds pretty clear that if she was alive, I would not qualify. But by my interpretation of the wording, I am not buying this from my grandparent, a person; I am buying it from her trust/estate, an entity.
Do I qualify for the credit? If possible, please reference your answer. Thanks in advance!
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