When did you set up a Trust?

[Eric Andrekopoulos]

I've asked multiple people about this and have gotten a variety of responses. Just curious about everyone else's opinion.

At what point do you feel is the time to structure a trust for your properties?

[Chris Seveney]

Quote from @Eric Andrekopoulos:

Quote from @Chris Seveney:

@Eric Andrekopoulos

What type of trust? I have never done a land trust

We have a living revocable trust that we set up

Honestly I should have done it 15 years ago but did it like 6 years ago.

I do not see the need for a land trust unless you are a politician, actor or athlete (someone who is famous).

I have done business with multiple billionaires (not bragging but trying to make my point) including several that owned professional sports teams - and even they did not use land trusts…

 Hey Chris,

What would have been the benefit to opening it that much sooner? and did you put all of your businesses and properties inside of that trust? Why did you decide to go living revocable and not irrevocable or land trust?

 because a trust will allow you to skip probate if I were to kick the bucket, and with kids etc. you want to make sure you have everything lined up for when you are gone. Yes my entities and home are all owned by the trust. I did recovable because it is easy to move assets in and out of a recovable trust. Once I hit the $12M exemption then I would move stuff over to an irrevocable trust.