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Updated over 2 years ago,
Irrevocable trust 1031. Can trust/trustee obtain mortgage?
An irrevocable trust is about to 1031 a completely paid off multiunit into a triple net property out of state. If the sold property is $2 mil and a NNN property is identified at $2.5 mil, can the trust/trustee take out a $500k loan to make up the difference?
Does there have to be specific language in the irrevocable trust in order to do so? Or is revocable the only way to go? Trustee is trying to keep elderly parent safe but wants to grow the current value of the trust for future appreciation.