What happens with your assets if you die tomorrow?

[Mary Jay]

God forbid, and something like a car crash happens... We all hope it never happens,  but no one can predict that we will live forever. 

What asset protection/transfer to your kids do you guys have in place or planning to do?

I think we should make a distinction between properties that are paid off vs properties that still have a mortgage on them.

I was thinking for the properties that are paid off to open an LLC with my kid (I only have one child who is in college) and deed those properties into that LLC.

1) Question: lets say my son gets married, and then God forbid gets divorced, the LLC should not be affected by the divorce, right?

Also, I was thinking of opening a joint account with my son so he could transfer tenants payments to that account 

2) Trusts. Some people open trusts. Some open revocable, some irrevocable. What do you guys think? Dont know much about this technique

Now, those properties that are not paid off

3) Do they go back to the bank? Is there some kind of mechanism so my adult son could transfer them into his name? Some of my properties have a lot of equity...Would be sad to lose that equity

Thank you guys

[Bruce Woodruff]

Go to an attorney ASAP and set up a Trust. Put your properties in the Trust, whether they are in LLCs or not. Designate how you want your personal property to be distributed. Make sure that your Fiance cannot change this and give it all to his family.