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My sister and I have inherited several pieces of property from our parents. Can we put them in a land trust with both our names as equal owners, share the expenses and share the profits when we sell them.
Optional Information: State/Country relating to question: Michigan Already Tried: The properties are now in our deceased parent's living trusts and we need to close them. We want to sell them, but have to maintain them until they are sold, and then divide the proceeds.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. Yes, you can put them in a trust or an LLC to allow for centralized management...especially should ownership split further in the event of estate planning, death, divorce, etc. Or, you can simply transfer them to each of you in undivided 50% ownership interests and own them outright. I would suggest the former to protect your other assets from any liability relating to the properties.
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Experience: 29 Years Practicing Law - Including Tax and Estate Planning