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Tax, SDIRAs & Cost Segregation

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Bob Burns
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Can a 5 yr old buy RE?

Bob Burns
  • Flipper/Rehabber
  • Branson, MO
Posted Aug 16 2022, 16:13

Can a child purchase a property and have it recorded in their name alone?  Pay for it out of their own account?  Thanks

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Bruce Woodruff
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Bruce Woodruff
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Replied Aug 16 2022, 16:18

They can't hold title as far as I know.....

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Trent Reeve
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Trent Reeve
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  • Atlanta
Replied Aug 16 2022, 16:20

usually have to be 18 for any legal document. Thats why kids 17 need their parents to sign when they join the military.

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Chris Seveney
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Chris Seveney
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Replied Aug 16 2022, 17:39

@Bob Burns

No. Need a trust and have them be the beneficiary

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Bob Burns
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  • Branson, MO
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Bob Burns
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  • Branson, MO
Replied Aug 16 2022, 18:09
Quote from @Bruce Woodruff:

They can't hold title as far as I know.....


 Thanks!

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Bob Burns
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  • Branson, MO
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Bob Burns
  • Flipper/Rehabber
  • Branson, MO
Replied Aug 16 2022, 18:12
Quote from @Chris Seveney:

@Bob Burns

No. Need a trust and have them be the beneficiary


Ok thanks!  Nice, simple insight!   

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Tom Gimer
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Tom Gimer
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Replied Aug 17 2022, 07:34

@Bob Burns You may want to look into the Uniform Transfer to Minors Act and whether/how it has been codified in your state.

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Mike Eichler
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Mike Eichler
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  • Pocono Pines, PA
Replied Aug 17 2022, 10:04

Yeah just have a trust and name them the beneficiary, you could do an LLC route in your name and transfer it later to them as well

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Bob Burns
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  • Branson, MO
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Bob Burns
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  • Branson, MO
Replied Aug 18 2022, 10:21
Quote from @Tom Gimer:

@Bob Burns You may want to look into the Uniform Transfer to Minors Act and whether/how it has been codified in your state.

Really cool!  Love the creativity.  I would have never known.