{"id":681,"date":"2019-06-06T08:57:48","date_gmt":"2019-06-06T12:57:48","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=681"},"modified":"2024-04-25T23:21:05","modified_gmt":"2024-04-26T03:21:05","slug":"holding-real-estate-in-a-trust-or-an-llc","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/holding-real-estate-in-a-trust-or-an-llc\/","title":{"rendered":"Holding Real Estate in a Trust-Or an LLC"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/06\/holding-real-estate-in-a-trust-1024x538.jpg\" alt=\"Image of the peak of a house with a blue sky background and fluffy clouds. Captioned: Holding Real Estate in a Trust.\" class=\"wp-image-682\" width=\"512\" height=\"269\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/06\/holding-real-estate-in-a-trust-1024x538.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/06\/holding-real-estate-in-a-trust-300x158.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/06\/holding-real-estate-in-a-trust-768x403.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2019\/06\/holding-real-estate-in-a-trust.jpg 1080w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure><\/div>\n\n\n\n<p>Trusts and\nlimited liability companies, or LLCs, can hold real estate for&nbsp;tax\nadvantages or avoidance of the probate process. Some homeowners work in\nhigh-risk careers or own their businesses, and wish to keep the home from\nbecoming vulnerable to lawsuits.<\/p>\n\n\n\n<p>Here, we\nbriefly summarize key options.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">The\nRevocable (Living) Trust<\/h2>\n\n\n\n<p>You can\ncreate a living trust\u2014a document that declares how your property should be\nmanaged\u2014naming yourself as a trustee. You may dissolve or amend the\ntrust&nbsp;when you wish. You may&nbsp;remove the home, sell it, or refinance\nit.<\/p>\n\n\n\n<p>This\nretention of control has several implications:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A revocable trust can be a great estate planning tool but it does not provide asset protection from creditors.<\/li><li>Trust assets do not go through probate if the trust document provides for a trust that survives you. Yet the home counts as part of your taxable estate.<\/li><li>You keep your personal residence sale exclusion, and any mortgage interest      deduction.<\/li><li>Property taxes are not impacted, insofar as state and local governments deem the property your primary residence.<\/li><\/ul>\n\n\n\n<p>If you, as\nthe trustee, die or become incapacitated, your named successor trustees step\ninto your shoes. Consider appointing a neutral, corporate trustee.<\/p>\n\n\n\n<p>Putting your\nhome in a revocable trust&nbsp;(rather than&nbsp;giving it to another person\nduring your lifetime) means its&nbsp;&#8220;stepped-up&#8221; tax basis will be\nthe home\u2019s market value at the time of your passing\u2014potentially sparing your\nbeneficiary large&nbsp;capital gains taxes.<\/p>\n\n\n\n<p>Moreover,\navoiding probate can be desirable\u2014especially if you have homes\nin&nbsp;different probate courts\u2019 jurisdictions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Doing\nIt Yourself<\/h3>\n\n\n\n<p><strong>Step\n1<\/strong><\/p>\n\n\n\n<p>Ask your\nmortgage company if the title transfer will&nbsp;trigger a due-on-sale clause.\nAsk your title insurer if your coverage will continue for your&nbsp;living\ntrust.<\/p>\n\n\n\n<p><strong>Step\n2<\/strong><\/p>\n\n\n\n<p>Transfer\nyour home to&nbsp;a trust by preparing a deed that names your&nbsp;living trust\u2014for\nexample, Revocable Living Trust of Harper Jones\u2014as the owner. &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A\u00a0<a href=\"https:\/\/www.deeds.com\/quitclaim-deed\/\">quitclaim deed\u00a0<\/a>is the simplest method (and one you can do yourself).<\/li><li>A <a href=\"https:\/\/www.deeds.com\/warranty-deed\/\">warranty deed<\/a> ensures that the home transfers with good title, making it easier      for beneficiaries to sell it later.<\/li><\/ul>\n\n\n\n<p><strong>Step\n3<\/strong><\/p>\n\n\n\n<p>Sign the\ndeed and print your name: for example, Harper Jones, Grantor and Trustee of the\nRevocable Living Trust of&nbsp;Harper Jones. Date the deed.<\/p>\n\n\n\n<p><strong>Step\n4<\/strong><\/p>\n\n\n\n<p>Have all the\ntrustees sign the deed with a notary.<\/p>\n\n\n\n<p><strong>Step\n5<\/strong><\/p>\n\n\n\n<p>File the\ndeed with your county and pay the filing fee.<\/p>\n\n\n\n<p><strong>Step\n6<\/strong><\/p>\n\n\n\n<p>Have your\nhomeowner\u2019s insurance reflect the trust as the homeowner, and update your\ntrust&#8217;s attached list of assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Asset\nProtection with an Irrevocable Trust<\/h2>\n\n\n\n<p>Many people\ndecide to put assets into irrevocable trusts to shield their assets from future\n(not pre-existing) creditors.&nbsp;<\/p>\n\n\n\n<p>State law\nguides the irrevocable trust, which you can use to put your home under a\ntrustee\u2019s control. An irrevocable trust\u2019s assets and income now belong not to\nyou, but to the trust. The trustee files appropriate&nbsp;tax returns for the\ntrust.<\/p>\n\n\n\n<p>Trust&nbsp;assets\nwill ultimately be passed to your beneficiary, and estate tax will not apply.<\/p>\n\n\n\n<p>To create an\nirrevocable trust, draft a trust document naming the trustee and at least one\nbeneficiary, and include&nbsp;instructions for managing the trust. Sign the\ntrust document.<\/p>\n\n\n\n<p>Be aware\nthat placing your property in an irrevocable trust could complicate selling, or\nrefinancing your home or&nbsp;tapping into the home&#8217;s&nbsp;equity. An\nirrevocable trust typically can only be set aside by a judge\u2019s order.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Newer\nDevice: Domestic Asset Protection Trust (DAPT)<\/h2>\n\n\n\n<p>An asset\nprotection trust (&#8220;self-settled asset protection trust&#8221;) can shield\nyour home from future creditors and legal actions. As trustee, you manage it on\nbehalf of the beneficiary, such as a spouse or children. This is irrevocable.\nNeither you nor the beneficiary may remove the home from the trust. Yet there\nis impressive flexibility:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The DAPT trust can deem its creator a discretionary beneficiary, able to receive income or principal if the trustee approves.<\/li><li>The creator can be a co-trustee who holds managerial authority.<\/li><li>The DAPT can include a limited right of amendment.<\/li><\/ul>\n\n\n\n<p>Check the\nstate statute of limitations for the seasoning period. It might be two years,\nfor example, before the assets become protected. Even before that, state law\nmay bar creditors unless they prove the assets were moved into the DAPT\nfraudulently or in violation of a legal or contractual duty to the creditor.<\/p>\n\n\n\n<p>The DAPT\ndoes not shield assets from taxes, child support or spousal support\nobligations, and some court judgments. Nor does it protect assets fraudulently\ntransferred into the trust. To find fraud, courts may ask whether the creator\nput substantially all owned assets into the DAPT, or formed it while\nanticipating a lawsuit or divorce.<\/p>\n\n\n\n<p>Individual\nor corporate trustees must live in the trust state. States currently allowing\nDAPTs are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Alaska<\/li><li>Delaware<\/li><li>Hawaii<\/li><li>Michigan<\/li><li>Mississippi<\/li><li>Missouri<\/li><li>Nevada<\/li><li>New Hampshire<\/li><li>Ohio<\/li><li>Oklahoma<\/li><li>Rhode Island<\/li><li>South Dakota<\/li><li>Tennessee<\/li><li>Utah<\/li><li>Virginia<\/li><li>West Virginia<\/li><li>Wyoming<\/li><\/ul>\n\n\n\n<p>These\ntrusts&nbsp;allow strong asset protection for generations of beneficiaries.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Asset\nProtection With an LLC<\/h2>\n\n\n\n<p>In any\nstate, you can form a limited liability company and contribute real property to\nit. Like the&nbsp;irrevocable trust, the&nbsp;LLC is an independent entity.\nUnlike a trust, an LLC must be state-registered and approved.&nbsp;An LLC must\nobserve legal business formalities and tax rules and pay any applicable fees.<\/p>\n\n\n\n<p>As owner of\nthe LLC, you own its property, in the sense that you are always allowed to\ndissolve an LLC and retake assets not tied up in debt. Owners can also receive\nincome from property through owners\u2019&nbsp;draws.&nbsp;<\/p>\n\n\n\n<p>Note: If the\nLLC is sued, the owner\u2019s personal property (but not property owned by the LLC)\nis shielded.&nbsp;Speak with a lawyer to&nbsp;structure the&nbsp;LLC to keep\npersonal creditors from reaching LLC ownership interests.&nbsp;Also discuss any\nstate limitations on using&nbsp;the LLC&#8217;s&nbsp;assets for personal benefit.<\/p>\n\n\n\n<p>Your\ninterest in an LLC will not bypass probate or estate taxes. Yet you may design\nthe operating agreement so that you own only a small part of the LLC, keeping\nmanagerial authority while family members own the majority of the assets.&nbsp;<\/p>\n\n\n\n<p>While the effort involved in running an LLC might not make this an attractive option for holding personal real estate, it can be an excellent way to curb risks such as personal injury liability for owners of investment properties. Moreover, an LLC owners can, annually, transfer interests to heirs. Real property owned by an LLC can be passed on in this way with no need for a new deed, and the transfer taxes and recording fees that go with a new deed.<\/p>\n\n\n\n<p class=\"has-small-font-size\">References:<br>https:\/\/insights.darrowwealthmanagement.com\/blog\/should-i-put-my-house-in-a-living-trust<br>https:\/\/www.forbes.com\/sites\/robertpagliarini\/2014\/05\/21\/how-to-use-a-nevada-asset-protection-trust-to-protect-your-assets\/<br>https:\/\/www.aaepa.com\/2019\/01\/domestic-asset-protection-trusts\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trusts and limited liability companies, or LLCs, can hold real estate for&nbsp;tax advantages or avoidance of the probate process. Some homeowners work in high-risk careers or own their businesses, and wish to keep the home from becoming vulnerable to lawsuits. Here, we briefly summarize key options.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[99,66],"tags":[],"class_list":["post-681","post","type-post","status-publish","format-standard","hentry","category-real-estate-trust","category-vesting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Holding Real Estate in a Trust-Or an LLC - Deeds.com<\/title>\n<meta name=\"description\" content=\"Trusts and limited liability companies, or LLCs, can hold real estate for tax advantages or avoidance of the probate process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/holding-real-estate-in-a-trust-or-an-llc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Holding Real Estate in a Trust-Or an LLC - 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