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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trusts - My Plan Make Sense? Posted by Jerry - Ca. on April 21, 2008 at 2:20 PM In Reply to: Trusts - My Plan Make Sense? posted by Mark Hamilton on April 20, 2008 at 1:59 PM Hello Mark: To begin with ... you can't set up three trusts on one property! If you set-up a Trust with two other Co-Beneficiaries ... You or your LLC cannot be the Trustee of the Trust. Through "Doctrine of Merger" if you or your LLC were Trustee it would invalidate the Trust. With Single Beneficiary Trusts ... just about anyone can be an acceptable Trustee, but not so with Co-Beneficiary Trusts! I'd strongly suggest that you invest in some Trust training such as offered by Ward in his "Hands-On-Training" programs, before you venture into some actual deals! Jerry-Ca. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : Here is my current plan: I have two co-investors. If I aquire a property I intend to create THREE trusts (one for each of us, each as a percentage beneficary of the property). The trustee will be my single person LLC for each of them. : At the time of sale, I will former a joint venture with the three trusts, and sell them. I assume that the only IRS return needed will be an informational one for the joint venture. : Does this make sense, or should I have ONE trust with three beneficiaries? Follow Ups: Re: Trusts - My Plan Make Sense? hard money lender 2:51 PM, 04/21/08 (10) Re: Trusts - My Plan Make Sense? Jerry - Ca. 3:27 PM, 04/21/08 (9) Re: Trusts - My Plan Make Sense? hard money lender 5:18 PM, 04/21/08 (7) Re: Trusts - My Plan Make Sense? Jerry - Ca. 10:06 AM, 04/22/08 (5) Re: Trusts - My Plan Make Sense? hard money lender 10:46 AM, 04/22/08 (4) Re: Trusts - My Plan Make Sense? Jerry - Ca. 11:38 AM, 04/22/08 (3) Re: Trusts - My Plan Make Sense? hard money lender 6:35 PM, 04/22/08 (2) Correct! (nt) Jerry - Ca. 6:52 PM, 04/22/08 (1) Re: Correct! But???? Mark Hamilton 11:24 AM, 04/26/08 (0) Re: Trusts - My Plan Make Sense? Jerry - Ca. 9:55 AM, 04/22/08 (0) Re: Trusts - My Plan Make Sense? Mark Hamilton 4:32 PM, 04/21/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello Mark: : To begin with ... you can't set up three trusts on one property! If you set-up a Trust with two other Co-Beneficiaries ... You or your LLC cannot be the Trustee of the Trust. Through "Doctrine of Merger" if you or your LLC were Trustee it would invalidate the Trust. With Single Beneficiary Trusts ... just about anyone can be an acceptable Trustee, but not so with Co-Beneficiary Trusts! : I'd strongly suggest that you invest in some Trust training such as offered by Ward in his "Hands-On-Training" programs, before you venture into some actual deals! : Jerry-Ca. : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : Here is my current plan: I have two co-investors. If I aquire a property I intend to create THREE trusts (one for each of us, each as a percentage beneficary of the property). The trustee will be my single person LLC for each of them. : : At the time of sale, I will former a joint venture with the three trusts, and sell them. I assume that the only IRS return needed will be an informational one for the joint venture. : : Does this make sense, or should I have ONE trust with three beneficiaries? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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