All Forum Posts by: Steve Smith

Thx, And good points.

I'd title the property to the entity that needed the tax break, for the most apart and give the income to the entity that didn't pay taxes (Roth). Do that with options. (I've done that many times, and am currently doing that). Probably give title to the kids.

I rarely do 1031s any more, but have often helped others do them.

What's PAL?

I could argue to put your rental properties in a trust, but read up on them and learn what they will do, not do for you. Keep your name off things and have a separate entity to manage your properties, even if you show it, and qualify them.

Insurance is your first line of defense with liability. But good ownership tactics and asset protection is prudent, too. Unless you run a high risk business, I'd not use an LLC, and especially NOT for ownership (zero advantage).

I'm single, so have that advantage (or disadvantage). I understand about not giving them a house (loose the stepped up basis). Right now, I believe I'll help them just buy a few more properties and help them build their portfolio. Fund the property with good a good loan and/or use options to control so they benefit, which is not hard. But would like to seen the kids Roth grow a lot.

Thx Jonathan,
Advisors really don't know much more than I already know (have a built in tax advisor). They like to do traditional stuff. I'd like to get some "out of the box" ideas from folks who have done stuff. There are some very creative ways to transfer dollars into their IRAs, but can be in the grey area which I want to be very careful of. Right now my Roth can fund a deal for a friend who can give my kids IRA an option to purchase down the road, and set it up to favor the kids roth. (A bit grey).

Anyone active in transferring assets to their kids? Looking for creative idea to give them a few more dollars before I croak. I already give them the non taxable limit, but am giving them options on property, leases and notes where they can get more in the future, and working with others so they get more into their Roths with options.

Other ideas?

Manage your own property! If you need help, hire someone for a specific item. Control ALL of your money.
This PM sounds like he's worth firing, and perhaps a call to your state Real Estate department of regulations

First, I'd take that SEP IRA and convert it to a Roth IRA (self directed).

Like others I'd NOT buy and real estate IN the Roth. Use the Roth to buy an option on property so you can control more property that you are investing. Have the real estate owned by someone your trust

How about buying some non traditional real estate investments. Some options:

Buy the land and lease it to the building (home or business) owner.

Buy the mineral rights only.

Buy the lease on the property.

Buy an option.

Etc.

Lots of options and I've done a few... options, mineral rights, leases and worked out well.

Comments?

I'm doing a laundry room project for one of my rentals. Normally, I use granite, but the cost doesn't justify the project, so looking for something better than the "dated" Formica garbage. Thoughts?

You could probably prevail with a call to the local real estate licensing offices legal department. It's your info, you paid for it, unless there's something in writing saying otherwise.