What Is A Trust In Real Estate? (Correct answer)

A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

How do you put property in a trust?

  • Real property is very valuable and so it should be placed into the trust to avoid probate. In order to put real property into the living trust, draft a new deed, listing the trust as the owner. Submit this deed to the county recorder’s office for filing and you’re done.


What does it mean when real estate is in a trust?

What Is Trust Property? Trust property refers to assets that have been placed into a fiduciary relationship between a trustor and trustee for a designated beneficiary. Trust property may include any type of asset, including cash, securities, real estate, or life insurance policies.

Who owns the property in a trust?

The trustee controls the assets and property held in a trust on behalf of the grantor and the trust beneficiaries. In a revocable trust, the grantor acts as a trustee and retains control of the assets during their lifetime, meaning they can make any changes at their discretion.

Why would you put your house in a trust?

The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork.

What happens to a house in a trust?

Trusts help you pass on your house before you die That means you could move your house into a trust and then transfer ownership to someone else even before you die (like by setting it up as a trust fund). For example, you may choose to pass on your house should you go into long-term care or become incapacitated.

Can I sell my house if it’s in a trust?

When selling a house in a trust, you have two options — you can either have the trustee perform the sale of the home, and the proceeds will become part of the trust, or the trustee can transfer the title of the property to your name, and you can sell the property as you would your own home.

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?

  • Costs. When a decedent passes with only a will in place, the decedent’s estate is subject to probate.
  • Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust.
  • No Protection from Creditors.

Can I put my house in trust and still live in it?

Trust companies offer to look after your property for you and you can continue to live in your home rent-free even if it is in a trust. Because this is seen as a ‘gift’, the trust company will not buy your home from you, but instead manage its sale and the proceeds from that sale when you move out or die.

Can you live in a house owned by a trust?

There is no prohibition against you living in a house that is going through the probate process. However, when the deceased individual owns the home in their own name exclusively, the estate will go through probate. Unless the home was transferred into a trust, the home would go through probate as part of the estate.

How long can a house stay in a trust after death?

A trust can remain open for up to 21 years after the death of anyone living at the time the trust is created, but most trusts end when the trustor dies and the assets are distributed immediately.

How much does it cost to put your house in a trust?

Legal fees can vary depending on your area and the complexity of the trust, but generally you can expect to pay somewhere between $1,500-$5,000. If you look into probate costs in your area, you may be able to get a sense of how much the various fees will add up to for your estate.

Should I put my house in a trust or LLC?

LLCs are better at protecting business assets from creditors and legal liability. Trusts can handle many types of assets and are better at avoiding probate and reducing estate taxes. In some cases, both an LLC and a trust may be the best way to manage the estate.

What happens to property in a trust after death?

Administering a living trust after your death is not cost-free. In many instances, the trustor has failed to transfer all of his “probate assets” to his living trust. Consequently, when the trustor dies, this probate asset becomes subject to probate. His estate winds up in probate court anyway.

Trust Definition

Generally speaking, a trust is a fiduciary relationship in which one party (known as a trustor) grants another party (known as the trustee) the authority to hold title to property or assets for the benefit of another party (known as the beneficiary). In order to offer legal protection for the trustor’s assets, to ensure that those assets are transferred according to the trustor’s desires, and to save time, decrease paperwork, and in certain situations to avoid or reduce inheritance or estate taxes, trusts are commonly used in the estate planning process.

Key Takeaways

  • A trust is a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party
  • While they are generally associated with the idle rich, trusts are highly versatile instruments which can be used for a wide variety of purposes to achieve specific goals
  • Each trust falls into six broad categories—living or testamentary, funded or unfunded, revocable or irrevocable

Understanding Trusts

Trustees (individuals or entities with the assistance of a lawyer) establish trusts by deciding how to transfer parts or all of their assets to trustees (beneficiaries). The assets of the trust are held in trust by the trustees for the benefit of the beneficiaries. The regulations that govern a trust are determined by the terms upon which it was established. In certain jurisdictions, elder beneficiaries may be able to serve as trustees on their own behalf. According to certain countries, the grantor can serve as both a lifetime beneficiary and a trustee at the same time, for example.

A trust can assist you avoid paying taxes and going through probate.

The downsides of trusts are that they take time and money to establish and that they cannot be readily canceled once they have been established.

The trust will be transferred to the recipient after it has been determined that he is capable of managing his assets.

Categories of Trusts

Despite the fact that there are several distinct types of trusts, they all fall into one or more of the following categories:

Living or Testamentary

In the case of a living trust (also known as an inter-vivos trust), the assets of the individual are placed in trust for the individual’s use and benefit while the individual is still alive. When an individual passes away, his or her assets are distributed to his or her heirs or beneficiaries. There is a successor trustee in place for the individual, who is in charge of the transfer of the assets. It is also referred to as a will trust. An testamentary trust describes how assets of a deceased individual are to be distributed after the individual’s death.

Revocable or Irrevocable

During the trustor’s lifetime, an irrevocable trust can be amended or terminated by the trustor. An irreversible trust, as the name indicates, is one that cannot be changed after it has been formed, or one that becomes irrevocable upon the trustor’s death, whichever occurs first. Living trusts can be revocable or irrevocable, depending on the circumstances. Testamentary trusts may only be created in an irreversible manner. Generally speaking, an irrevocable trust is preferable.

This inability to be altered, as well as the presence of assets which have been permanently removed from the trustor’s ownership, is what permits estate taxes to be decreased or avoided entirely. The image is courtesy of Sabrina Jiang of Investopedia 2020.

Funded or Unfunded

A funded trust is one that has assets that have been contributed to it by the trustor throughout his lifetime. An unfunded trust consists just of the trust agreement and does not receive any funds. Unfunded trusts can either become funded upon the death of the trustor or they can stay unfunded. Because an underfunded trust exposes assets to many of the risks that a trust is intended to protect them against, it is critical to ensure that the trust is properly financed.

Common Purposes for Trusts

As a result of its connection with the idle affluent and its long history (going back to medieval times), the trust fund has received considerable derision in recent decades (as in the pejorative “trust fund baby”). In contrast to this, trusts are extremely adaptable vehicles that may preserve assets and steer them into the appropriate hands in the present and the future, even after the original asset owner has died. Trusts can also be used to transfer assets from one generation to another. Generally speaking, assets held in a trust are more secure than those held by a family member since trusts are legal entities that own property.

Despite the fact that they appear to be geared primarily toward high net worth individuals and families due to the fact that they can be expensive to establish and maintain, those of more middle-class means may also find them useful – for example, in ensuring care for a dependent who is physically or mentally disabled.

  1. In some jurisdictions, the provisions of a will may be made available to the public.
  2. Additionally, trusts can be employed in forestation planning.
  3. Children who are under the legal age of majority (eighteen) must, nevertheless, be supervised by trustees.
  4. Trusts can also be utilized to minimize tax liabilities.
  5. The use of trusts in tax planning has become standard practice for both individuals and companies as a result of this.
  6. On the other hand, assets that are simply handed away during the owner’s lifetime often retain their original cost base.
  7. If the same recipient had received them as a gift while the original owner was still living, the value of the assets would have been $5,000.

Please keep in mind that the step-up in basis applies to all inherited assets, not simply those that are held in trust.) Finally, a person can set up a trust in order to qualify forMedicaid while still retaining at least a percentage of their money and assets.

Types of Trust Funds

Trust funds come in many shapes and sizes, and the following are some of the most frequent types: Often referred to as a bypass trust or a family trust, a credit shelter trust permits a person to inherit an amount up to (but not above) the estate-tax exemption level. The remainder of the estate transfers to a spouse without being taxed. Funds deposited in a credit shelter trust are exempt from estate taxes for the rest of their lives – even if they rise in value. This trust enables a person to transfer assets tax free to recipients who are at least two generations their junior – often, their grandkids – by setting up an account in their name with the IRS.

  1. This might be beneficial if the properties are expected to rise significantly in value.
  2. While a person cannot borrow against or modify the beneficiaries of a life insurance policy after they die, the funds can be used to pay for estate bills after they pass away.
  3. According to the most common arrangement, a spouse would get a lifelong income from the trust, and the children will receive whatever is left over when the spouse passes away.
  4. This trust shields the assets that a person places in it from being taken by creditors.
  5. A charitable trust is a trust that is formed to benefit a certain charity or non-profit organization.
  6. A charitable remainder trust is a trust that is established during a person’s lifetime and that distributes income to chosen beneficiaries (such as children or a spouse) for a certain length of time before donating the remaining assets to a charitable organization.
  7. The establishment of the trust allows the handicapped individual to collect money without interfering with or forfeiting his or her government benefits.
  8. This might be beneficial if the beneficiary is required to prevent conflicts of interest during the grant period.
  9. It’s most commonly associated with bank accounts (physical property cannot be put into it).
  10. This type of trust, sometimes referred to as a “poor man’s trust,” does not need the creation of a formal instrument and is frequently free to establish.
  11. Trusts, with the exception of the Totten trust, are complicated legal entities.

When it comes to setting up a trust effectively, it is usually best to seek professional help from a trust attorney or a trust business, which can set up trust funds as a part of a comprehensive variety of estate- and asset-management services.

How Land Trusts Work

A real estate land trust is only one of the many different types of trusts available. An arrangement in which one person retains property for the benefit of another is referred to as a trust in legal terminology. The property owner never relinquishes control over the assets — cash, stocks, bonds, and real estate — but the trustee takes over as the legal owner for the purposes of taxation and accounting. Essentially, the purpose of all trusts is to protect the asset owner from certain legal processes and potential tax liabilities.

In the case of real estate land trusts, the trust makes the process of transferring ownership of the property to heirs or new owners much simpler than it would be otherwise.

In order for a trust agreement to be valid, the following four parties must be present:

  1. The first is the owner of the land, who is referred to as thegrantororsettlor
  2. The second is the grantororsettlor
  3. And the third is the grantororsettlor. Then there’s the actual property or asset itself, which is referred to as thetrustresorprincipal in legalese. The trustee is the individual or entity that is in possession of the property. The beneficiary is defined as someone who receives a benefit from the assets held in the trust.

Let’s look at a hypothetical real estate land trust as an illustration. John Smith and four of his business associates are the owners of a multi-unit apartment complex. They come to the decision to place the property into a land trust. They appoint a legal firm to serve as trustee on their behalf. Because John and his business partners derive rental revenue from the apartment complex, they are also the trust’s beneficiaries as well as the property’s tenants. The “Illinois” kind of estateland trust is a revocable trust, which means that it can be amended or terminated at any moment by the property owner who holds the trust.

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The Pros and Cons Of Putting A House Into A Trust

At Rochester Law Center, we’ve assisted thousands of customers with their estate planning over the past decade. When it comes to living trusts, some of the most often asked questions come from our clients. In this post, we’ll go over some of the advantages and disadvantages of putting a residence into a living trust. Also covered will be some often asked concerns regarding placing your home into trusts, including who owns your home after you put it into trust and what you can and cannot do with your property after it’s in trust.

Putting A House Into A Trust Or Last Will And Testament?

When it comes to estate planning, it is all about developing a customized strategy to pass your money, property, and assets to your loved ones in the most effective manner possible. The last will and testament, as well as the irrevocable living trust, are the two most frequent types of estate planning papers. Both of these contracts allow you to choose who of your loved ones should get your assets in the event of your death. However, if you have a final will and testament, your assets must be distributed through the probate court system before they may be distributed to your family.

A living trust, on the other hand, avoids the need for probate court. This implies that your money, property, and assets can be transferred to your family in a matter of days or weeks following your death, rather than months or perhaps years after your death.

Putting A House Into A Trust – Why Do People Do It?

There are two primary reasons why individuals choose to place their home in a trust. It is their desire to avoid going through the lengthy, difficult, and expensive probate court procedure in order for their family to be able to inherit their house as the first and foremost reason. It is possible, instead, for their residence to be passed to their heirs in a private setting shortly after their passing. The second argument has to do with preparing for the possibility of inability. Contrary to popular belief, estate planning is not just about preparing for death; rather, complete estate planning includes provisions for incapacity.

This individual is in charge of dispersing your assets to your heirs in the event of your death.

By putting your home into a trust, you can assure that one of your most valuable assets will be handled and cared for by someone you can rely on in the event that you become disabled.

Putting A House Into A Trust – How Does It Work?

Your possessions must be placed into a living trust in order to avoid having to go through the probate process. This is referred to as “financing the trust.” When you establish a living trust, you are referred to as the settlor or grantor, depending on where you live and which state you reside in. When you create a living trust, you also appoint yourself as the trustee of the trust. When money, property, and assets are placed in a living trust, the trustee is the person who has the authority to manage all of the money, property, and assets.

  1. Suppose you intend to place your house into a trust, but you still want to be able to sell it at any point in the future.
  2. After you pass away, your beneficiaries are the people who you want to receive the money and property that you have left behind.
  3. Finally, you will appoint a replacement trustee to take over from you.
  4. After you pass away, they will be in charge of settling your estate and dispersing your assets to your beneficiaries, if you have named them as beneficiaries.
  5. In the following part, we’ll go over all of the extra advantages of putting a property into a trust, including tax benefits.

Putting A House Into A Trust – What Are The Benefits?

As previously stated, one of the most significant benefits of putting your home into a trust is that, unlike a will, a living trust allows you to avoid going through the probate process. For the sake of this discussion, there are three key reasons why this is significant. For starters, probate may be a highly costly process. A probate proceeding is a legal procedure in which the court assures that, upon your death, your obligations are paid and your assets are divided in accordance with the laws of your state.

  1. If you possess property in more than one state, your family may have to go through many probates, each one governed by the rules of the state where the property is located.
  2. For smaller estates, the percentage can be significantly higher, often leaving very little for your loved ones to inherit.
  3. In general, the cost of probate is far more than the cost of straightforward estate planning done in advance of the need for it.
  4. Standard probate procedures take a minimum of five months to conclude.
  5. We previously defended a client whose Probate proceedings dragged on for an astonishing eight years.
  6. Your family does not have any privacy.

Unhappy heirs are more likely to fight your will, and your family may be exposed to greedy creditors and possible fraudsters as a result of the process.

Keep Your Financial Matters Private

When you have a living trust, there is no need to make your assets available to the public because there is no probate court procedure. If, on the other hand, your home is simply mentioned in a will, the contents of the will are made public when the will is filed in probate court. Because the transfer is made through a trust rather than through probate, the contents of the transfer remain confidential. In most cases, the only persons who will ever see your living trust will be the beneficiaries that you specify in the trust document.

  • If you become incompetent during your lifetime, a living trust can protect your family from having to go through the process of being placed under conservatorship.
  • This element of a living trust is particularly soothing to families during tough times since it eliminates the need for them to worry about going to court and demanding access to the disabled person’s financial assets on their behalf.
  • If the trust is set up as an individual trust, the trustee will be able to take control of the assets and administer them.
  • In addition to a living trust, it is a good idea to have a durable power of attorney for finances to provide the new acting trustee the authority to manage any property and money that are not included in the trust’s boundaries.

Putting A House Into A Trust – What Are The Disadvantages?

While the advantages of placing a property into a trust exceed the disadvantages by a wide margin, there are some additional complexity involved. Your living trust will only be functional if the ownership of your home has been legally transferred to you as the trustee. Make sure that this happens before establishing your living trust. Due to the fact that your home has a title, you must update the title to reflect that the property is now held by the estate trust. A new deed transferring title to you as trustee of the trust must be prepared and signed in order to do this.

If you are both the grantor and the trustee of a living trust, you do not need to keep separate income tax records after you establish the trust.

It is necessary, however, to maintain precise written records whenever property is transferred into or out of the trust structure.

In most cases, the benefits of placing a home in a trust exceed the drawbacks of doing so.

As a follow-up to our discussion of some of the primary benefits and drawbacks of putting a property into a trust, we will address some additional issues that clients have regarding the process of placing a house into a trust. One of the most often asked questions is.

Is Putting A House Into A Trust Difficult?

Making a residence a part of a trust is actually pretty straightforward, and your living trust attorney or financial advisor may assist you with the process. Due to the fact that your home has a title, you must update the title to reflect that the property is now held by the estate trust. A new deed transferring title to you as trustee of the trust must be prepared and signed in order to do this.

Besides Putting A House Into A Trust, Are There Other Assets I Should Consider Putting Into A Trust?

Aside from transferring ownership of a home to a trust, there are other assets that you should consider transferring ownership of to a trust. Generally speaking, it is recommended to include all real estate, stocks, certificates of deposit, bank accounts, investments, insurance, and other assets that are accompanied by titles. Some people incorporate jewelry, clothing, art, furniture, and other assets in a one-page assignment, while others include only one page of text.

Will I Lose Control Of My Home When Putting A House Into A Trust?

You retain complete control over all of the assets held in your trust, which is a positive development. In your capacity as Trustee of your trust, you have complete control over the assets in your trust. You can purchase and sell property, give assets away as gifts, mortgage assets, and even amend or terminate your trust entirely. It is for this reason that it is referred to as a revocable living trust. You even use the same tax return as before. The only thing that has changed is the name on the titles.

How Do I Set Up A Living Trust?

We can assist you if you want assistance putting a residence into trust or if you wish to establish a living trust. Since 2001, we have assisted thousands of customers with the creation of living trusts, powers of attorney, and estate plans, among other legal documents and services. Any questions you have regarding whether a living trust is the best estate planning choice for you may be answered by us at any time. To book your complimentary consultation, please contact us at (248) 613-0007 now.

Our 4 Step Process Makes Creating A Living Trust Simple

Chris Atallah is a Michigan-licensed attorney and the author of “The Ultimate Guide to WillsTrusts — Estate Planning for Michigan Families,” which is available on Amazon. Chris has assisted thousands of Michigan families and companies in securing their financial futures via the use of Wills, Trusts, and Estate Planning over the course of the last decade. He has given dozens of seminars around the state of Michigan on issues such as avoiding the death tax, protecting minor children after the death of their parents, and protecting family wealth from the courts and unintentional disinheritance, among others.

If you have any questions, Chris will be pleased to answer them for you.

A Complete Guide To Living Trusts

There are a number of compelling reasons to consider establishing and maintaining a living trust for the benefit of people closest to you. The following are some examples.

Avoid Probate

One of the most popular reasons for creating a living trust is to avoid going through the probate process, which is the court-supervised process of winding up the affairs and assets of a deceased individual. While probate may be a useful tool for tying up loose ends, it’s no secret that it can also be a time-consuming, expensive, and protracted procedure for those who are engaged. As a result, most grantors turn to a living trust as a means of avoiding the probate process and sparing their heirs the hassle of having to deal with the courts altogether, because property left to beneficiaries under a living trust can transfer to beneficiaries without having to go through the court system.

Maintain Privacy

Given that court records are public, it’s not uncommon for the process of probating a will to unearth debts owed to specific persons, outstanding amounts owed to specific individuals, and other information that individuals may desire to keep secret. Taking this into consideration, if an estate goes through probate, anybody may search up these documents and obtain access to information that the grantor and any beneficiaries may like to keep secret. A living (also known as revocable) trust makes it easier to retain your privacy by completely avoiding the probate process.

Provides Flexibility

In most people’s lives, financial or personal circumstances will change at some point during their lifespan. As a result of this, it’s also rather typical for grantors who desire to amend the terms of a trust and regain control over donated assets to do so – a process that may be made much easier by using a living trust. Simply said, you have the ability to modify the assets included inside a living trust, as well as the beneficiaries of the trust, at any moment throughout your lifetime.

Provides For Minors Or Dependents With Issues Of Concern

Grantors also enjoy the option to tailor the terms of a revocable trust to make sure that loved ones are provided for. For instance, many grantors may have concerns about adult children that are not adept at managing money or may suffer from addiction or chronic illness. A grantor wishing to place conditions on the use or sale of assets contained within the trust can do so as needed. However, a grantor with minor children or a dependent with a disability must also create a will to appoint a guardian (someone who will look out for these dependents) for their minor children.

Provides For Management Of Assets In Case Of Grantor’s Disability

It also provides the grantor with an additional layer of security in the event that they become incapacitated and unable to manage their own affairs after the donation is made (and the affairs of the trust). In addition, if you are now well and able but are concerned about the impacts of aging or failing health in the future, you can appoint yourself as a trustee while simultaneously designating the name of a co-trustee or successor trustee in the trust agreement as well. This permits you to continue to serve as the trustee of the living trust for as long as you are able, and subsequently transfer control of the trust to the successor trustee as circumstances need.

Real Estate Trust or LLC? Best Option for Investment Property

Real estate is frequently employed as a vehicle for capital accumulation. The aim is that property acquired today will be worth more when it is sold in the future, particularly if the owner makes improvements to the property before selling it. When acquiring an investment property, you have the option of purchasing it in your own name or purchasing it in the name of another organization, such as a real estate trust (also known as a “realty trust”) or a limited liability corporation (commonly known as a “LLC” (LLC).

If you are considering purchasing an investment property, you may want to evaluate the sort of property you are purchasing, the number of tenants you will have at that property, and the length of time you plan to keep the property before disposing it.

Reasons to Purchase Property as a Real Estate Trust

A trust is a legal vehicle for the transfer of assets in which trustees hold title to the property for the benefit of one or more beneficiaries. A trust is a legal vehicle for the transfer of assets. This structure is extensively used as a method to conceal the identities of property owners, to aid in estate planning, and to allow a group of persons to invest in a property without being subjected to differing tax treatment. Here are some of the reasons why a real estate trust may be a smart choice for some investors:

  • There are several owners. For investment properties where there will be several owners, a trust is beneficial for recording the relationships and ownership interests of all of the owners in a consolidated manner
  • This is also known as “estate planning.” Transferring investment property to heirs through a real estate trust might be a viable alternative for persons who want to ensure that their investment property is not subject to death taxes. There is some degree of anonymity. Real estate trusts were once regarded as a safe haven for investors seeking to stay anonymous. However, as counties and municipal assessors increasingly post recorded deeds and tax information on the internet, maintaining anonymity becomes more difficult to achieve and preserve. The principal trustee of a trust created by a single person who purchases an investment property will be that person’s default, and his or her name will most likely appear on tax records, assessment records, and any other recorded documents that can be found online, including the deed and the declaration of the trust. When a lot of persons have a stake in the property being acquired, it makes more logical to form a realty trust in order to benefit from some amount of secrecy while still obtaining individual tax treatment.

It is a disadvantage of using a trust since the regulations governing how much may be placed into a realty trust for estate planning purposes change regularly, and partners in realty trusts may be required to make revisions in the future. These possibilities will necessitate more legal expenses in the future, on top of the initial fees, to be dealt with properly.

Reasons to Purchase Property as a Real Estate LLC

A limited liability company (LLC) is a commercial entity that is distinct from its owners, similar to a corporation. However, unlike a corporation, which is responsible for its own corporate taxes, an LLC is considered a “pass-through” tax entity, which means that the earnings and losses of the firm are passed through to the owners, who are then responsible for reporting them on their personal tax returns (just as they would if they owned a partnership orsole proprietorship). Because of the distinct advantages of forming an LLC, it is frequently the most advantageous structure for some investors when purchasing real estate.

  • Liability protection is provided. Properties maintained by an LLC have limited liability for the owner, which means that if the property is the subject of a lawsuit, the owners of the LLC may only be sued within the confines of the property that the LLC owns, and not beyond that. This implies that if you purchased a commercial property through an LLC and someone files a claim against that property because they slipped and fell on some ice in the parking lot during the winter, the claimant will not be able to recover compensation from your personal assets as compensation. If the building is acquired in your own name, however, you run the chance of being identified
  • You lose your anonymity. It is possible to search for corporations and their owners online in many states, but the majority of individuals do not go to this length to search for them. At the community level, limited liability companies (LLCs) tend to provide greater anonymity than real estate investment trusts, unless the LLC is publicly advertised
  • Commercial buildings. A limited liability company (LLC) should be used to acquire real estate if the property will house more than one tenant, such as a multifamily apartment complex, or will house commercial retail tenants. When compared to a single-family house, where just one individual or one family returns home every day, a property of this nature is vulnerable to a significant degree of danger. Commercial buildings of any type get a steady stream of visitors on a regular basis, and they are frequently located in high-traffic neighborhoods. Accidents may happen anywhere, and even the most careful of property owners might find themselves the target of a lawsuit of some sort. Insurance companies have a tendency to settle disputes, even when the owner is not at fault, which can cause insurance costs to skyrocket and make it difficult for the owner to obtain coverage altogether. In the event that your insurance fails to cover you, having an LLC as a second layer of protection is a sensible method to ensure that no one can come for your house or other assets.
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The most significant cost disadvantage of forming an LLC is that states charge an annual fee to do so, which can range between $75 and $250. See Nolo’s LLCs section for further information on limited liability companies, including how members are taxed, state restrictions on LLC protection for members’ personal debt and asset protection, and more. Nolo also provides a full online LLC package for forming a limited liability company.

Reasons to Purchase Investment Property Under Your Own Name

Of course, the most straightforward method of purchasing real estate (or any other type of property) is to just acquire it in your own name, without the use of any other legal vehicles. Here are some things to think about:

  • Fees for legal representation. The preparation of the documentation for either a real estate trust or an LLC will necessitate the use of an attorney and other charges, which will result in higher closing costs. By placing the property in your own name, you can avoid the additional expense of insurance coverage. The cost of liability insurance is lower if the property is registered in your name rather than in the name of an LLC. If you purchase a single-family house through an LLC, your insurance premiums may be twice as high as they would have been if you had purchased the home through a real estate trust or in your own name
  • Mortgages. Due to the fact that banks will desire the ability to pursue your personal assets in the event that you default on your loan payments, it may be easier for you to secure a mortgage in your own name.

The most significant disadvantage of purchasing in your own name is the potential of being sued; your own residence as well as other financial assets are at risk of being sued. Make certain to purchase a suitable insurance coverage in order to reduce your amount of risk in the event that someone is hurt on your premises.

What Is a Land Trust, and Who Needs One?

In the event that you require more than a will to handle your possessions, trusts can be utilized as an estate planning instrument. A land trust is a sort of trust that is specifically tied to real estate. Because this is a living trust, it can go into force throughout your lifetime as a tool to manage your property ownership and estate planning.

The rules of a land trust can be tailored to your specific requirements as well as the sort of real estate it owns and manages. Many people collaborate with a financial advisor to develop an estate plan that meets their specific financial requirements and objectives.

Land Trust Definition

A land trust is a legal entity that is established at the request of the property’s owner to acquire responsibility over the property and other real estate assets. It’s a living trust, which means that the conditions of the trust can be altered or terminated at any moment, as long as the trust is not irrevocable. Land trusts, in contrast to other types of living trusts, are exclusively linked with real estate. The following are examples of the sorts of assets that a land trust can own:

  • Home, business building, and plots of land
  • Tangible personal property (homes, commercial buildings, and plots of land)
  • Notes on real estate
  • Mortgages

A land trust can be used to hold any of the assets listed above. They are, however, more commonly utilized for real estate assets in the context of property development or land conservation projects. To give an example, real estate developers can utilize land trusts to control enormous tracts of land for the purpose of developing commercial or residential properties. Alternatively, you might establish a land trust to hold ownership of a piece of property that you desire to protect for wildlife or conservation purposes.

How a Land Trust Works

Land trusts are structurally similar to other forms of revocable living trusts in that they are not irrevocable. According to the three parties engaged, as shown in the table below:

Land Trust Parties
Grantoror Settlor Creates the trust and transfers property ownership to it
Trustee Manages the trust according to the specific wishes of the grantor or settler
Beneficiary Benefit in some way from the terms of the land trust

Choosing which real estate assets should be transferred to a land trust and establishing the parameters under which the trustee is required to manage those assets would be your responsibility as the grantor or settlor. The trustee’s tasks may include, for example, collecting rent payments, managing upkeep and repair, and finding new tenants when a rental property is abandoned, among other things. The beneficiary is the individual who receives a benefit from the assets held in trust for others.

As the grantor of a land trust, you have the authority to modify the terms of the trust at any time.

It is possible to terminate a land trust entirely if all of the assets held in it are sold at the conclusion of the trust period.

Benefits of a Land Trust

There are several advantages to holding real estate assets in a land trust as opposed to a traditional bank account. While you might use a living trust to protect assets from creditors or to reduce inheritance taxes in most cases, you might consider using a land trust if you want to:

  • Keeping your real estate investment property separate from your other assets is important to you. It’s important to you to maintain your privacy and anonymity since assets maintained in a land trust are owned by the trust and recorded in public documents under the trust’s name rather than your own
  • You want your assets to be placed in a land trust so that your assets will not be subject to the probate procedure after you die away. When it comes to being a property owner, you want to be as protected as possible from liabilities or creditors, notably liens or judgements. You wish to be able to acquire or sell real estate assets without having to reveal the acquisition or selling price to the public

In situations when you don’t want others to be able to estimate the exact amount of your net worth, or when you’re investing in real estate on a bigger scale and want to keep your real estate operations distinct from the rest of your personal affairs, land trusts might be beneficial.

How to Set Up a Land Trust

The process of establishing a land trust is identical to that of establishing any other sort of trust. Beginning with the selection of one or more trustees to supervise the trust, defining which assets will be kept in the trust, and appointing a beneficiary, the trust can be established. Individuals can benefit from a land trust, but you can also create a limited liability company (LLC), corporation, or limited partnership solely for the purpose of serving as the beneficiary of a land trust. Increased protection against liability claims and creditor lawsuits can be obtained by taking this step.

Create the real trust document as a following step, which is the last stage.

Having a trust agreement reviewed by an estate planning attorney helps ensure that the trust is lawful, and they may also assist you with concerns you may have overlooked, such as amending property insurance beneficiaries for assets transferred to the trust.

Your intentions for the property will determine whether it makes more sense to arrange them together into a single trust or separate trusts for each piece of real estate.

Bottom Line

For real estate investors and those who wish to preserve their property separate from other assets in their wills, you may want to consider establishing a land trust as a means of accomplishing these goals. While establishing a land trust can provide some security and privacy benefits, it is recommended that you get professional assistance with the process to ensure that your trust is legally viable.

Tips for Handling Real Estate Assets

  • Consider consulting with a financial expert on your individual estate-planning requirements. If you don’t already have an adviser, obtaining one doesn’t have to be a difficult task. Your financial adviser links you with up to three other financial advisors in your region using SmartAsset’s free service, and you may interview your advisor matches at no cost to determine which one is the best fit for you. If you’re ready to locate a financial adviser who can assist you in achieving your financial objectives, get started right away. Real estate may help to diversify a portfolio, but this does not imply that you must own rental properties in order to benefit from it. Investing in real estate may be done in a variety of ways, including real estate investment trusts, mortgage notes, and real estate mutual funds.

Photographs courtesy of iStock.com/alexeys, iStock.com/Nicholas Smith, and iStock.com/laughingmango, respectively. Rebecca Lake is a woman who lives in the United States. Rebecca Lake is a personal finance writer who has been writing about personal finance for more than a decade. She specializes in retirement, investing, and estate planning. Aside from money, her knowledge in the field also includes home-buying, credit cards, banking, and small company ownership. As a direct client of numerous major financial and insurance companies, including Citibank, Discover, and AIG, she has written for publications such as U.S.

In addition to her undergraduate degree from the University of South Carolina, Rebecca completed a graduate degree program at Charleston Southern University in Charleston, South Carolina.

She is originally from central Virginia, but she and her two children now live on the coast of North Carolina, near the Atlantic Ocean.

Here Are Some Helpful Tips on How to Fund Real Estate Into a Trust

Many other sorts of assets can be held in a trust, including real property, life insurance policies, and individual retirement accounts. However, in order to transfer real estate from the name of the trust grantor to the name of the trust vehicle, a special form of trust must be established, as well as precise procedures must be followed. The funding of your real estate trust is a critical phase in the formation of your trust—and it may be the most significant step. Property that is not kept inside your trust will not be exempt from probate.

Types of Trusts and Probate

A trust can be revocable or it might be irrevocable, depending on the circumstances. A revocable trust is one in which the grantor—the trust maker—serves as trustee. They retain ownership over the property and can sell it, generate money from it, or utilize it in the same manner that they did before the trust was established. The real estate continues to be the property of the trust creator, and creditors are still able to bring claims against the assets. If the grantor creates an irrevocable trust, the trustee is appointed by the grantor to supervise the assets held in trust.

  • They will relinquish the majority of their control over the assets.
  • In some cases, depending on how the document is organized, they may be able to continue to make use of the attribute.
  • A pour-over will, which directs your property into a trust at the time of your death, or a will that does not specify who should get ownership of the property after your death, may be used to determine who of your family members should receive ownership of the property after your death.
  • The trust is ineffective until the real estate is transferred into it, even if your property is situated in another state and you intentionally formed the trust to prevent ancillary probate (two separate probates in two different jurisdictions under two different sets of laws).
  • In reality, financing a trust with your real estate is a rather simple and straightforward procedure.

Funding Your Real Estate Trust

For real properties, you should follow these steps to transfer the title into your trust:

  1. Consult with an attorney in your area: Contact a lawyer in the county and state where the property is situated to discuss your options. You should request that they produce a new deed changing the property from your individual names to your names as trustee of your trust. Sign all of the appropriate paperwork: Other papers, such as tax filings from the municipal, county, or state level, or a certificate or memorandum of trust, may also be required in some cases. In order to retitle your property, your attorney needs complete all of the necessary paperwork. Obtain clearance from your professional organization: If your property is a condominium or subject to the regulations of a homeowner’s association, you may be required to acquire approval from the association before making changes (HOA). It is possible that this will be required before the new deed can be recorded. This is where your memorandum of understanding or certificate of confidence might be really useful. The association may want evidence that your trust is legitimate. You can provide the memorandum without also providing a copy of the whole trust agreement, which will contain a great deal of personal information about all of the assets that may be transferred into the trust on your behalf. When it comes to getting the necessary consent from the association, an attorney should be able to assist you. Obtain approval from your lender by doing the following: It is probable that you will need to acquire authorization from your lender before the new deed can be registered if the property is not your primary or secondary residence and is linked to a mortgage. As previously said, your attorney should be able to assist you in obtaining the necessary approvals. Make a note of the new deed: It is necessary to record the new deed in the county where the property is located once it has been created and signed, together with any other necessary documents, and after all necessary permissions have been acquired. Additionally, the county may want documentation of your trust, which makes the use of a memorandum of trust advantageous in this circumstance. Your attorney should take care of this for you and deliver the actual, recorded deed to you as soon as possible.

Recording Fees and Costs

The fees and expenditures associated with recording might differ dramatically from one state to another. Some states explicitly exclude transfers of real estate into revocable living trusts from the recording and transfer taxes that are levied on other types of transactions. Others will impose a little levy on their products. Other states, on the other hand, may treat the transfer as a sale and levy the entire amount of taxes. In order to avoid unpleasant surprises, it’s vital to factor in the fees and charges imposed by municipal, county, and state governments.

State and federal laws are constantly changing, and the information in this page may not represent the laws of your local state or the most current changes to the law that have occurred. To obtain current tax or legal advice, please consult with a certified public accountant or a qualified attorney.

The Tax Advantages for Creating a Trust for Real Estate

Real estate ownership through a trust provides several benefits for owners, including investment anonymity, the avoidance of probate for estate planning purposes, and tax savings. There are various different forms of trusts from which real estate investors can select. When deciding on the sort of trust to create and how to structure it, keep your present and long-term aims in mind to ensure that it meets your needs and ambitions.

The Family Trust

The family trust may also be referred to as a credit shelter trust or a revocable living trust depending on its purpose. This trust assists a married couple or an individual in transferring assets to their children or grandchildren. In this way, they can avoid probate and reduce or eliminate inheritance taxes in certain cases (though not all). They can also dictate how the monies are used if they so want. Parents and grandparents can use the trust to ensure that their children do not spend all of their money on a new automobile when the money was intended for college expenses.

The trust can hold any and all personal assets, including bank accounts, investments, and real estate.

The exemption ceiling is $1.2 million in savings, stocks, and bonds plus a $2.4 million San Francisco residence.

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When her estate is liquidated after her death, her heirs will not be required to pay estate taxes.

Qualified Personal Residence Trust

An individual or couple can transfer ownership of their house to their children while still residing in it through the use of a qualified personal residence trust. The trust establishes a date in the future that will serve as the start of the chosen control period. For example, you may set a time limit of 10 years during which you will still be in possession of the house. A personal dwelling or a vacation home might be given to the trust as a contribution. These are particularly advantageous if the property is predicted to rise in value, as doing so now, outside of the final estate, will result in a smaller transfer tax bill in the future.

In this case, putting the house in this form of trust would have resulted in a $650,000 loss in realized value to the estate.

The gift has a negative impact on the entire estate value, and the longer the control term, the lower the value of the residence is.

Title Holding Trust

A title holding trust is a type of trust that is widely used with investment property, particularly when there are several owners with an interest in the property. Because the trust is mentioned on the title at the county recorder’s office, it ensures that the owners’ identities are protected. Despite the fact that the trust has its own tax identification number and consequently files taxes as a separate business, its owners can include the trust into their estate planning efforts by identifying the family living trust as the beneficiary of the owner’s part of their estate.

Example: If there are five owners of property in a title holding trust and one of them passes away, the remaining four continue to own the property while the heirs of the fifth owner get his or her inheritance through a family living trust established by the fifth owner.

Irrevocable Trusts

In the legal world, a trust is a formal structure that governs the ownership, administration, and distribution of property among its beneficiaries. Consider a trust as a box into which property is placed by someone else. Thegrantor of the trust is the one who transfers ownership of the property into the trust. The trustee is the one who is in charge of the property contained within the box. In the end, the beneficiary is defined as the individual who benefits from the item that has been placed in the safe deposit box.

What is anirrevocable trust?

In its most basic form, an irrevocable trust is a trust with terms and restrictions that cannot be modified by the grantor. This is in contrast to an irrevocable trust, which is often used in estate planning and permits the grantor to amend the conditions of the trust and/or reclaim the property at any time without the consent of the beneficiaries.

Why would I want to use an irrevocable trust?

You may minimize estate taxes by using an irrevocable trust. It also allows you to preserve assets from creditors and provide for family members who are minors, financially unable to support themselves, or who have special needs.

How do I create an irrevocable trust?

A formal trust agreement is entered upon by the grantor in order to establish a trust. He or she appoints a trustee who is responsible for holding the property in accordance with the conditions of the trust agreement. The trust agreement specifies the beneficiaries and instructs the trustee as to when distributions of trust property (including the assets originally put in trust as well as the income generated by those assets) should be distributed to the beneficiaries on their behalf. If a trust agreement is properly structured, it should account for many situations, such as what to do if the initial beneficiaries are no longer alive.

What are the trustee’s duties?

An individual who is responsible for all elements of the administration of a trust is known as a trustee or trustees. The fundamental responsibilities of a trustee are twofold: (1) to invest and safeguard the trust’s assets in a wise manner; and (2) to pay distributions to the trust’s beneficiaries in accordance with the conditions of the trust agreement, among other things. If more than one people is desired to act as co-trustee, they may be designated in the trust document. The primary or alternate trustee is often designated by the individual to be a family member or friend.

As a result, it may be appropriate to choose a competent bank or trust business to assume this role.

In the legal world, this responsibility of loyalty is known as fiduciary obligation, and it requires the trustee to uphold an extremely high (and legally enforced) level of care and expectations.

Who should I name as trustee?

It is possible for anybody other than the grantor to act as a trustee of a trust. This includes the grantor’s spouse as well as his or her children, relatives, and acquaintances. You’ll want to find someone who is honest, hardworking, and trustworthy (no pun intended!) because of the fiduciary obligations that a trustee is supposed to do.

If you prefer that an independent party operate as trustee, there are a number of extremely highly qualified professional trust firms in the community to choose from, as described above. If more than one people is desired to act as co-trustee, they may be designated in the trust document.

Who can be a beneficiary of a trust?

Beneficiaries of the Trust may include anybody other than the grantor. It is possible that diverse family situations would necessitate the need to create the trust for several beneficiaries.

Can I amend the trust agreement?

As the name indicates, once a trust agreement has been signed, it cannot be changed or withdrawn under any circumstances whatsoever. The trust agreement, on the other hand, should be written in a way that allows the trustee to adapt to unexpected changes in the circumstances as they arise.

What are the tax benefits of establishing an irrevocable trust?

A gift of an asset to a beneficiary during your lifetime is generally not included as part of your taxable estate after you die. However, there are few exceptions. In order to lower your taxable estate, an irrevocable trust might be used instead of merely transferring an asset to a beneficiary. The timing of payouts (for example, when the beneficiary reaches the age of 30) and the reasons for distributions can both be controlled through a trust structure (i.e. for education only). As a result, if your estate is close to or in excess of $2 million, including life insurance proceeds, and you are uncomfortable making outright gifts to beneficiaries, you should consider establishing an irrevocable trust in order to benefit from the significant estate tax savings that such a trust provides.

What are the non-tax benefits of establishing an irrevocable trust?

The fact that an irrevocable trust gives extensive protection from creditors is still another key advantage of using one. When assets are transferred to a trust, they no longer belong to the grantor; instead, they become the legal property of the trustee, who holds them in trust for the benefit of the trust’s beneficiaries. In other words, the grantor’s future creditors will be unable to establish a claim on assets transferred to the trust since such assets will no longer be considered to be the grantor’s property.

How much can I transfer into the trust?

There is no limit to the amount of money that may be transferred into the trust. Of course, because the trust is irreversible, you will be unable to use or benefit from the assets once they have been transferred to the trust, and if you do, those assets would most likely be included in your estate for taxation purposes. A gift tax return will be required if the amount transferred exceeds a specific threshold, and you may be required to pay a gift tax on the amount transferred.

How much can I transfer without causing gift tax?

Each year, you may make a tax-free transfer of an amount up to the annual exclusion amount for gift tax purposes to as many persons as you like up to the annual exclusion level. When making a gift, it must be a “gift of present interest” in order to qualify for the yearly exclusion. Generally speaking, a present interest gift is one in which the beneficiary has complete control over the gift at the moment of the gift’s creation. Consider the following scenario: If John gives Jane $10,000 in cash, Jane instantly has complete authority over the money.

Jane does not have instant access to the funds, however, if John delivers her a check for $10,000 in December and does not allow her to cash it until the following year in February, even if she receives the check in December.

In this instance, even if the total cash amount of the gift is less than the yearly exclusion for gift tax purposes, the full amount of the present is taxed. A donation to a trust is not commonly regarded as a transfer of present interest in the trust’s assets.

Is there a way to qualify gifts to a trust for the annual exclusion?

Yes. When making a gift to a trust, the beneficiary must be granted the ability to withdraw assets from the trust for a certain amount of time after the donation is made in order for the gift to qualify as a present interest gift under the Internal Revenue Service guidelines. Crummey Withdrawal Rights (so named after the inventor of this approach, Mr. Crummey.really, that was his given name!) are used to refer to the ability to withdraw funds from an account. Beneficiaries must be informed of their right to withdraw from the trust each time a transfer is made to the trust in order for the transfer to qualify as an annual exclusion gift under the Internal Revenue Code.

Can I make gifts to the trust that exceed the annual exclusion amount?

Yes. In addition to the yearly exclusion limit for gift taxes, each individual may make tax-free gifts during his or her lifetime, or at death, up to the amount of the gift and estate tax exemptions available to him or her. People who own stock or real estate that they believe will appreciate significantly in value frequently make larger gifts to trusts in order to not only remove the asset from their taxable estate, but also to remove all of the future appreciation from their taxable estate.

Do I need to file a gift tax return for transfers to the trust?

Gifts to an irrevocable trust are considered the same as gifts to the beneficiaries of the underlying trust. A federal gift tax return is not required if the grantor’s aggregate yearly donations to a beneficiary (whether made via the trust or outside of the trust) do not exceed the amount of the annual exclusion level for gift tax purposes (assuming Crummey Withdrawal Rights were given to the trust beneficiaries). If the grantor made gifts in excess of the annual exclusion amount, or if the grantor desired to use his or her spouse’s annual exclusion amount (in order to increase his or her gift to double the gift tax annual exclusion amount per beneficiary), or if the trust was designed as a “generation skipping trust,” a gift tax return is required to be filed.

What assets can I transfer to an irrevocable trust?

To be honest, almost any asset can be transferred to an irrevocable trust, provided that the grantor is ready to relinquish control over the item. Cash, stock portfolios, real estate, life insurance policies, and company interests are all examples of liquid assets. It is true that some assets are better off being placed in trust than others.

What are the best assets to place in a trust?

If your aim is to transfer assets into an irrevocable trust in order to decrease your taxable estate, some assets can be utilized to leverage your yearly gift tax exclusion, which can help you achieve your goal more quickly and efficiently. To put it another way, if you place highly appreciating assets in trust, you will not only transfer the initial amount, but also any future growth that occurs (income and appreciation as well). As a result, certain assets are “better” than others when it comes to removing the item from your estate and maximizing the amount of money that would transfer to beneficiaries tax-free.

Real estate, on the other hand, may increase at a rate of 6 percent per year if it is placed in trust.

Now, if you were renting out the property, the additional net income would accrue in the trust, and you would have increased the value of the initial transfer even more.

The fact that you put the insurance in trust turns your $10,000 gift into a $1 million tax-free benefit for your heirs and beneficiaries. Detailed explanations of the advantages of transferring life insurance plans may be found further down on this page.

Can I sell assets to the Trust?

Yes. You have the option of selling assets to your trust for their fair market value.

Why would I want to sell assets to the trust?

Irrevocable trusts are frequently set up asgrantor trusts, which essentially means that they are not recognized as such for the purposes of income tax (all of the income tax attributes of the trust, such as income, loss, gains, etc. is passed on to the grantor of the trust). As a result, the trust can acquire a grantor’s asset for immediate payment or on an installment basis without recognizing a gain and without incurring gift tax obligations. Sales to irrevocable trusts are frequently recommended for assets such as life insurance policies or assets valued at more than the annual exclusion amount and expected to appreciate rapidly.

Can I make additions to the trust in future years?

Yes. Trustees must execute the Crummey withdrawal notification method each time a donation is made to a trust if the grantor want the contribution to qualify for the yearly gift tax deduction on the gift. In the event that the trust is ever audited, a copy of these notices should be retained with the trust records for reference.

What is an ILIT?

Irrevocable life insurance trust (ILIT) is an abbreviation that stands for irrevocable life insurance trust. Nothing more than an irrevocable trust, it is intended to hold one or more life insurance policies on the grantor’s life, and it is not intended to be used for anything else. Irrevocable trusts are subject to the same trust and tax regulations regardless of whether they have life insurance or any other sort of asset in their possession. Because irrevocable trusts are so frequently used to transfer (or acquire) life insurance policies, the term “irrevocable trust” has been used to refer to these types of trusts.

Once I set up a trust, how do I actually transfer assets to the trust?

If the grantor wishes to transfer cash or securities, the trustee will form a trust account in his or her own name, and the grantor will tell his or her bank or broker to transfer the monies from their respective accounts to the trust account. When it comes to real estate, a deed is utilized to transfer legal ownership of the property from the grantor to the trust. In the future, all insurance and property tax statements should be forwarded to the trustee, who will then pay them using trust monies.

If I transfer my life insurance policy to a trust, are the benefits immediate?

A trust cannot be established until the insurance policy has been transferred to the trust at least three years prior to the insured’s death. It is prohibited under this three-year regulation for persons to give away life insurance policies on their deathbeds in order to “cheat” the Internal Revenue Service out of the inheritance tax on the proceeds. The three-year rule, on the other hand, only applies to gifts of insurance policies, not to sales of insurance policies. Many clients choose to transfer funds to the trust and then have the trust acquire the insurance from them in order to avoid being subject to the three-year limit.

This form of transaction is exempt from income taxation under the grantor trust rules, and the three-year requirement is effectively avoided because the trust is a grantor trust.

Can I use a trust to purchase a new life insurance policy?

Absolutely. In fact, it is advised that you form the trust first and then have the trustee apply for life insurance on your behalf once the trust is established. The trust creation process can still be completed even if you have already started the process and filed for insurance in your own name.

Are there any special responsibilities placed on an ILIT trustee?

For example, if the trustee believes the existing life insurance to be a sound investment, then the trustee’s primary responsibilities are to maintain ownership of the policy, receive annual cash transfers for the purpose of covering policy premiums, keep trust beneficiaries informed, and, ultimately, ensure that policy premiums are paid on time. Following the insured’s death, the policy profits are paid to the trustee, and the trustee’s primary attention moves from keeping the policy to managing trust investments and paying distributions to trust beneficiaries, rather than on maintaining the policy itself.

Does the trust need to file annual income tax returns?

Yes. Trusts are distinct legal entities that are required to file annual income tax filings with the Internal Revenue Service. In most cases, if revenue is not given to the beneficiaries, it is reported by the trust to the government. If income is provided to the recipients, the beneficiaries are responsible for reporting it. Although not always the case, grantor trusts are frequently created, which require the grantor to record any income produced by the trust on his or her own personal income tax return.

How do I get started setting up an irrevocable trust?

First and foremost, you should get in touch with one of the attorneys in our estate planning department. We will give you some background information as well as an introductory questionnaire in order to get you started with the application process. Our team will next schedule a meeting to review your family’s situation, particular estate planning goals, and tax considerations in further detail.

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