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1031 Exchanges

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Ana Vhan
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39
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1031 and trust

Ana Vhan
Posted Jun 18 2024, 23:20

I have  a peculiar situation. Me and my husband have a trust and so far we have put all our assets including homes under this trust. 

We have a property outside this trust that is only on my husband's name (we couldn't buy it on both of our name due to my unavailability at the time). Now we are selling this property and buying new one under 1031. I have a couple of questions below. 

1. Do we have to buy the new property on my Husband's name or can it be bought on both of our names?

2. If the new property has to be bought only on my husband's name, can we add it to the trust after the 1031 exchange is done? If yes, is there a wait period before adding the property under trust.

3. If the new property cannot be added to trust immediately, how do we ensure that me and my child is the beneficiary on the property in the meantime? is there a way during the purchase process where beneficiaries can be added?

Thanks, 

Ana

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