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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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What is the best estate planning to avoid/delay a

Customer Question

What is the best estate planning to avoid/delay a due/on/sale clause for my children upon my death? large rental property with mortgage.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping.

Can you provide me a bit more information? Is this a residential rental property or is this a commercial property? Thanks.

Customer: replied 1 year ago.
2 residential 4-plex properties and 1 10 unit apartment. I'm concerned about that because of Garn St Germain exemption. The properties are held in a general partnership with a business partner. I'm considering a family limited partnership, a living/revockable/irrevocable trust, and would like to have your opinion on how the business can live on to provide for them, and not my current wife, who I don't like very much. Trying to decide what to do there. I had her sign a quit claim deed to the properties, but I know there are other concerns that I'm not even aware of yet. I have a younger brother who could manage when I die. I heard a land/trust might be a way to go.
Expert:  Richard replied 1 year ago.

Thanks for responding. Given your fact situation, without reviewing the partnership agreement and loan documents, I'm not confident that I can provide a complete and accurate assessment. Therefore, I am going to opt out to open your question up to all experts so another expert can hopefully timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.