All Forum Posts by: Ann B.

Thank you for all the replies. We have not filed an estate tax return yet because we opted to take the 645 Election, which I think I understand it allows us for file on "fiscal year" for the first two years following death. We opted to take this so we had time to understand all the details, such as determining the value and step up basis. The properties are in a trust, so we didn't need to go through probate.

I recently inherited a couple rental properties from dad which I plan to keep. I need to determine the step up basis. Do I need to hire an appraiser or can a broker (or someone else) help determine the value? Thank you for your time.

I'm forming to hold property.

Hi there. I haven't bought anything yet but I'm getting ready for that moment. I live in Nevada but I will probably begin my investment purchases in Missouri (born and raised so I know the area & my family there is also in the RE investor business). Question – Should I form my LLC (or Series LLC) in NV or MO? Thank you for your time.

Deca Realty. Only three months but so far, so good. Great communication.

Hi Lynnette,

THANK YOU for taking the time to help and really clarifying so much for me/us. Your articulate response was easy for me to follow, and I feel more much informed to make decisions. Mom and I have so much learn, and the trust has been one of the more challenging aspects for us to grasp. I wish I could help you in return, but I don't have much advice to offer yet. :)

My father owned several rental properties IN MISSOURI as an investment and supplemental income for his retirement. He placed all of them into a trust 1) as a stronger mechanism than a will to ensure that his wishes and desires be carried out and 2) to avoid probate. My father passed away, and my mom and I are co-trustees. We intend on keeping and managing the rental properties. So, the first question – Does this make us joint tenants? The following questions: We have a joint bank account, but how are taxes handled? Do we need to enter into some business structure? Reading about LLCs, I’m concerned that we won’t be able to get a loan, if needed. Thanks for the assistance.