Estate tax planning

[Naz Hossain]

Hope every had a great Thanksgiving. I had a quick question for you. I am wanting to move my primary residence to a living trust and use my personal LLC as the trustee. I rent out part of my house and run my business out of my house. I want to be able to maximize my tax benefits on that. My question is, should my LLC have its own business account as well as my trust. Or can I conduct everything with one account either with my LLC or trust. Thank you!

[Lance Lvovsky]

@Naz Hossain

If asset is titled to Rev trust you should have a bank account titled to rev trust to collect deposits.

Separately, the proposed structure you are looking at can trigger a trust filing requirement. Speak to your CPA.