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Updated 11 months ago on . Most recent reply
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Keeping Properties in Separate Trusts
I know an investor who has 12 properties and each property is in a separate revocable trust. His primary home is also in it's own revocable trust.
I don't believe he has any asset in his own name, everything in separate trusts.
I believe on each trust he is the trustee with his son as the first named beneficiary.
He also carries A LOT of insurance, uses a top property management company and all of his properties are in higher-end areas.
I was curious, if he's involved in a lawsuit related to one of his properties - I know the trustee has to be identified and usually the target of the suit, but are the properties in his other separate trusts protected. Are assets in separate trusts protected from each other.
They can go after the personal assets of the trustee, but what if he holds no personal assets in his name, every asset is owned by a different trust.
I don't believe he has any asset in his own name, everything in separate trusts.
I believe on each trust he is the trustee with his son as the first named beneficiary.
He also carries A LOT of insurance, uses a top property management company and all of his properties are in higher-end areas.
I was curious, if he's involved in a lawsuit related to one of his properties - I know the trustee has to be identified and usually the target of the suit, but are the properties in his other separate trusts protected. Are assets in separate trusts protected from each other.
They can go after the personal assets of the trustee, but what if he holds no personal assets in his name, every asset is owned by a different trust.