Estate Planning for properties in multiple states

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Estate Planning for properties in multiple states

Member since 2020 · 2 posts · 0 votes

Hi - We own properties in three different states. We're looking estate planner who has worked with real estate investors. TIA for recommendations.

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Colleen F.Pro Member
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
11mo
@Brijet Mall Someone who does trusts should be able to handle this. The best advice we got was to use someone from our state of residence to write things up and do the planning. That is where your estate will settle. We found moving complicated things because the laws by state are different. Also keep in mind that some states will tax your estate on the portion in their state (e.g RI) even when you reside in another state.
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
11mo
Have you talked to the beneficiaries regarding the real estate? Will they want to own the real estate upon inheritence?

If yes, are there steps in place for an easy transition - Do they have property management companies in place? or will they need to self-manage it.

Trusts are normally in place so the properties can flow seamlessly by avoiding probate.
[email protected]917-280-8544
Basit Siddiqi CPA4.880 Reviews
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Gwendy Wolfe
Member since 2025 · 4 posts · 8 votes
9mo
Anderson Advisors does this. https://andersonadvisors.com/living-trusts/ The most flexible ownership structure for real estate investments to use with a living trust is when you have a layered company structure. This looks like a parent company with its subsidiaries owning each individual property. The parent company is owned by the trust. The subsidiaries have leases with tenants/guests and property management companies. You die, and the trust can distribute ownership of the parent company to the beneficiaries without court involvement and without re-deeding properties or messing with existing leases, property management agreements or bank accounts.
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