My rental property is listed under a trust that is in my deceased mother's name (she put the property in the trust, and I am the trustee). I don't know whether it's best to leave the property in the trust or to get it under my name or an LLC, etc. I was listening to the BP Podcast 109 with Attorney Scott Smith, and they were discussing this some.
Any recommendation or things I should be aware of?
If you're planning to rent it out then leave it in a trust. This will protect you in case someone files a suit against you. For example, if a tenant hurts them self they may come after the owner and everything they have. When your property is in a trust the lawyer is going to have to go through more hassle to locate the owner and, from what I understand, its often times not worth their time. Furthermore, transfer beneficial interest to your company and leave yourself as trustee. Your company gets the anonymity of the benefits of the property.
@Jason Rodriguez, I would consult an attorney about this. @Scott Smith maybe able to help you through this as well - even though you are not in Texas! Listen to the latest podcast Show 109 as well - great stuff!
I have been renting it out for 1 year, and my tenant just signed a lease to stay another year. I'm hoping to keep this tenant for as many years as he wants to stay unless I decide to sell.
If you're planning to rent it out then leave it in a trust. This will protect you in case someone files a suit against you. For example, if a tenant hurts them self they may come after the owner and everything they have. When your property is in a trust the lawyer is going to have to go through more hassle to locate the owner and, from what I understand, its often times not worth their time. Furthermore, transfer beneficial interest to your company and leave yourself as trustee. Your company gets the anonymity of the benefits of the property.
Talk to an RE lawyer, I am not one, but I do know my partner John owns more than 50 houses free and clear with owner finance. All of his houses are in separate trusts, like the kennedys do. He owns nothing in his name, and figuring out what he owns would be very difficult. It's great protection from predators.