If we own property in5 different states, where and how do we set up a trust?

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If we own property in5 different states, where and how do we set up a trust?

My husband is 69 I am 60. The states involved are AL, FL, S.C., ID, and WA. Should we speak to an estate planning attorney? In Mineral County, MT.

Asked on August 30, 2010 under Estate Planning, Montana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

There is no single, simple, or easy answer. Much depends on the purpose of the trust, the tax benefit (if any) you are looking for, the type of land (residential, commerical), the beneficiaries of the trust, etc.

You should consult with a trusts and estates (or estate planning) attorney. Because you can expect to do alot of back-and-forth and communication with him or her, choose one you can reach easily. Before you go in, sit down and think about what you are trying to accomplish very carefully; if you can the attorney precise goals, he or she will be able to figure out how best to help you reach them.  You may also want to bring a trusted tax advisor into the mix as well. Good luck.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

There is no single, simple, or easy answer. Much depends on the purpose of the trust, the tax benefit (if any) you are looking for, the type of land (residential, commerical), the beneficiaries of the trust, etc.

You should consult with a trusts and estates (or estate planning) attorney. Because you can expect to do alot of back-and-forth and communication with him or her, choose one you can reach easily. Before you go in, sit down and think about what you are trying to accomplish very carefully; if you can the attorney precise goals, he or she will be able to figure out how best to help you reach them.  You may also want to bring a trusted tax advisor into the mix as well. Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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