Helping mom with her properties

[Michelle Weiner]

My mom needs a lot of help with the properties she owns and my brother and I are stepping in. 

Unfortunately, neither of us was included in the business prior and because of her health issues, the business is in a mess. 

Neither of us really know where to start and any links to articles here or general advice would be appreciated. Also any recommendations for professionals (CPA, financial advisor, etc.) to meet with  to make sure this is all done correctly would be amazing. 

Here are the details:

- She owns 3 commercial properties in Los Angeles

- There are not any mortgages on the properties

- These properties were in a trust that my uncle and mom both were trustees of, but that is being dissolved (there was mediation and the  3 properties she now has were part of that). My uncle and mom are going their separate ways. 

- We are putting the 3 properties into a new trust. 

- I'm thinking we need to create a new LLC or S-Corp to manage the properties once they are inn the trust?

Please feel free  to  ask me any questions if you need more info  to reply. 

[Scott Mac]

And you and your Brother know how much about managing commercial properties in Los Angeles?

This might be a learning curve situation for both of you here.

If I were in this situation, I'd talk to an asset protection attorney in California first--someone I was comfortable with (and get out the checkbook).

The others you seek might come from a referral from the 1st attorney--maybe.

Be able to pay the property taxes as they come due (1% of $1M is $10k).

Good Luck!