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Investors & landlords
You need professional tax guidance for this scenario.
Trusts bifurcate ownership between legal and equitable; the trustee has legal ownership while the beneficiary has equitable (beneficial) ownership. Merely adding a trustee to what appears to be a grantor trust would be insufficient to confer full ownership of the property to that trustee for federal income tax purposes.
Again, seek professional guidance from a tax professional and also ask your estate lawyer relevant questions about how this structure will benefit both parties, legally and from a tax perspective.
‎August 7, 2019
1:52 PM
793 Views