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 10 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 10 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.


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