QUESTION
Can I set up multiple living trusts and put different properties in each?
Asked on Jun 03rd, 2013 on Estate Planning - Texas
20 ANSWERS
Probate Attorney serving St. Louis, MO
at
Edward L. Armstrong, P.C.
Update Your Profile
You can set up multiple living trusts to hold different properties. You should retain counsel to do this as there are some things that you will need to do with each of the trusts.
Answered on Jun 06th, 2013 at 1:34 AM
Estate Planning Attorney serving Torrance, CA
at
The Law Office of Kelvin Green
Update Your Profile
The answer to that is yes but it will make things exponentially to manage.
Answered on Jun 03rd, 2013 at 9:28 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Yes.
Answered on Jun 03rd, 2013 at 9:27 PM
Yes. but the trust may not be the best way to accomplish what you may want to accomplish. A series LLC would allow you limit your liability if properly set up and managed, while revocable trust would not.
Answered on Jun 03rd, 2013 at 9:27 PM
Business Transactions Attorney serving Glendale, CA
at
Richard E. Blasco, Inc.
Update Your Profile
Yes. You can set up multiple living trusts. However, what I have done in the past is to set up one living trust, and then have multiple irrevocable sub trusts. Each sub trust provides that upon a sale of the asset (i.e. real property) that the trust owns, unless a 1031 exchange occurs, the Irrevocable sub trust is terminated. The sole beneficiary of the irrevocable sub trust is the primary revocable living trust. If you (i.e. the trustee) want to buy one or more other properties, you just create a new irrevocable sub trust. I first began using this method with a client who owned multiple preschools, and the real property upon which they were located. Even with insurance, there is substantial risk of liability based upon the acts of employees, or just rumors about the school. In the 1980's commercial trustees lobbied for changes in the liability of trustees of California trust estates following changes in the law that required remediation of contaminated real property in California. Commercial trustees found themselves with unlimited liability when they merely held title to a parcel of real property that had been leased to a company that caused the contamination, or upon which contamination had migrated. There were others who were responsible for the contamination, but in many cases the companies not longer existed or did not have the resources to perform the remediation and filed bankruptcy.
Answered on Jun 03rd, 2013 at 9:26 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
Yes, but why? Are you thinking asset protection? Then you want limited liability companies, not revocable trusts. Revocable trusts in Oregon provide essentially no protection from the settler's creditors.
Answered on Jun 03rd, 2013 at 9:26 PM
Trusts and Estates Attorney serving Troy, MI
at
Barron, Rosenberg, Mayoras & Mayoras, P.C.
Update Your Profile
Absolutely. What is the purpose? Is it for limitation of liability, if so there is a better way. If it is for distributing a certain piece of property to a certain person, this can be accomplished this way or there is a better way to do this.
Answered on Jun 03rd, 2013 at 9:26 PM
Estate Planning Attorney serving Wilmington, DE
at
Reger Rizzo & Darnall, LLP
Update Your Profile
Normally but it may not be necessary to do that.
Answered on Jun 03rd, 2013 at 9:25 PM
Business Law Attorney serving Livonia, MI
at
Gerald A. Bagazinski
Update Your Profile
Yes. My recommendation is to be wary of the multiple administrative costs that might be incurred after your death. If you have any questions, please contact me.
Answered on Jun 03rd, 2013 at 9:25 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
Yes, but there would not be any real advantage to doing this. It would also complicate your estate planning and could frustrate your objectives. One trust should satisfy all your planning objectives.
Answered on Jun 03rd, 2013 at 9:25 PM
2 Awards
You can but there is no real benefit to doing so. Living trusts do not protect your assets from creditors.
Answered on Jun 03rd, 2013 at 9:25 PM
Yes, you can have as many living trusts as you would like.
Answered on Jun 03rd, 2013 at 9:24 PM
3 Awards
Absolutely! You should discuss that with your estate planning attorney. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Jun 03rd, 2013 at 9:24 PM
Probate Attorney serving New Orleans, LA
at
James G. Maguire
Update Your Profile
Yes, but it would be more efficient to have them all contained in the same documents.
Answered on Jun 03rd, 2013 at 9:23 PM
Probate Attorney serving Palatine, IL
at
Law Offices of Robert H. Glorch
Update Your Profile
Yes. But they need to be very well coordinated or you'll end up with a mess.
Answered on Jun 03rd, 2013 at 9:23 PM
Commercial Contracts Attorney serving Boise, ID
at
Peters Law, PLLC
Update Your Profile
Yes.
Answered on Jun 03rd, 2013 at 9:23 PM
General Practice Attorney serving Glendale, CA
at
Law Office of Michael Stafford
Update Your Profile
Although it is more economical feasible to put all your properties in one trust you can set up two trust and put separate properties in each trust.
Answered on Jun 03rd, 2013 at 9:23 PM
The short and simple answer to that question is yes.
Answered on Jun 03rd, 2013 at 9:22 PM
2 Awards
Yes, though that would be expensive.
Answered on Jun 03rd, 2013 at 9:22 PM