All Forum Posts by: George Post

Thanks for the mention @Daniel McDonald!  @Derek Morrison I live in Scituate! LOL small world man!

Happy to connect - 781-534-8071! Shoot me a text!

Stoked to see everyone there!

Thanks to everyone that came! Lots of fun and see you at the next one :)!

SEE Y'ALL Tonight!

Stoked to see everyone there! Grab a Brew, connect, learn and network!

Enjoy the weekend:)!

So, my mother in law and aunt inlaw inherited their mother's house. It was in an irrevocable trust (thank god... as she needed to go to a nursing home later in life). Now the property is is just in the MIL and AIL's name. The aunt lives there now and will until her time comes. Ultimately the house will be inherited by my wife and I down the road. (We are 36-37.... MIL and AIL are 70 and 66). The estate attorney recommended that we put the MIL's half of the property in another irrevocably trust and my wife as the trustee and beneficiary. The MIL unfortunately has Lupus. She lives with us, and ultimately will until she passes or needs a nursing home. 

We are never going to sell this house,  even after we inherit it, it will become a rental. Does the $2500 cost for an irrevocable trust make sense? Why doesnt the MIL gift us her 50% now? Getting loans on the house with 50% in an irrev. will be a pain in the *** too. 

Those in the asset protection or tax field, what are your thoughts?! TIA!

Best,
George

Thanks guys! @Account Closed. Happy New Year to you all :)!

Howdy my Tax Pro's!

Let's say there is a couple. The guy has owned a house for 8 years, she's been living with him for over two years, then they get married this Winter. They are looking to sell that house and move this Spring. Would they then qualify for the full $500k exemption? Does she need to get added to Title prior to sale? Do they need to be married for over years for the full exemption?

TIA!

Hey @Michael Lawrence!

One of our wholesalers is allowing 2nds on investment 2-4 units. The rates are not fabulous, however it can make sense if that primary rate is lights out!

Happy to chat it through 

Cheers,

George

Such a great question @Daniel McDonald! There a so many 401k's out there that are not company matching, yet people still put their 3-5% of their paycheck into it... hope it all will work out and be able to retire in 30 years. LOL! But if you purchased a property that "broke even", that a tenant was paying the loan down, its most likely going to appreciate, and more likely than not will cash flow EVENTUALLY with rent inflation... kind of a no brainer if you have strong other income AND the down payment/reserves were readily available! I think doing this is harder in a high price market, but also the exact reason why it's going to work out in the end (since eventually it will be a HIGHER priced market)! 

Cheers ... great question!