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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 90073
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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so I am receiving rent from Uni students how must that be handled?

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so I am receiving rent from Uni students how must that be handled? I was making a salary from my mom under the conservatorship. Now I can't, so what do i do with this money half of which is my son's since he and i split the estate?
Submitted: 10 months ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your question and for asking for me. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The rent must go into a separate account and quarterly after expenses the proceeds from the rent should be shared with your son who is the other owner on the estate. You should have a separate account for the rents from your personal account so that they can be properly accounted for. You should also have a separate account for security deposits, since those have to be returned to the tenant, unless they breach the contract or commit damages, upon them leaving the premises within 21 days of the end of their tenancy and you do not want to get caught short.



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Customer: replied 10 months ago.

My son is only 13 years old. Does that quarterly reporting requirement change in that case?

Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your response.

If your son is a minor, then you should open yet another account, trust account, and either annually or quarterly you should be putting his 1/2 of the net proceeds from the rents into that account and keep records, because you could be charged with stealing the money if you do not properly account for it. When he is 18 you would turn the account over to him.
Customer: replied 10 months ago.

His trust funds can be used for his needs or not?

Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your response.

Yes, his trust funds can be used for his actual needs and you need to keep receipts as proof of how they were used and you need to be careful not to use them for things like helping you pay general household bills even though he lives in the house.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 90073
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Law Educator, Esq. and 5 other Estate Law Specialists are ready to help you

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