Real estate trusts
Setting up a trust to hold real estate can be a great estate planning option. But, guess what? Real estate means bills! Maintenance, taxes, water, electricity, gas, hazard insurance - maybe even a mortgage!
So, when a grantor (the person transferring the property) is using his/her own funds to keep the property running during his/her life, what will happen upon his/her death?
Solution: a bank account titled in the name of the trust, with a nice cushion. This will help keep the property running smoothly with the successor trustee assuming the duties of managing the trust asset/paying the bills upon the grantor's death. This can mean the difference between major headache and stress to no problem at all and family harmony.
I can help with this type of planning.