This includes a discussion of their overall risk management program -- Life, Disability, Long Term Care and Liability -- to make sure the plans are adequate and cost effective.Considers the overall investment portfolio to make sure investment selection and diversification are managed appropriately.Reviews the overall tax sensitivity of these investments.3.Plans the Distribution of Wealth during Life in the Most Advantageous WayConsiders the IRA and qualified retirement plan distribution plan; not as an accountant, but using a tax expert as appropriate.Assesses who serves as their durable power of attorney or successor trustee of a revocable living trust in case of an incapacity - again using the appropriate advice from a CPA and legal counselors.Considers ways to distribute wealth to children and descendants for well-being, education and other purposes and doing so in the most tax-efficient method.Reviews charitable giving for both tax savings and control issues.4.

I have a Limited Partnership agreement that seems fairly concise and addresses provisions such as: formation, partnership business, rights and duties of LP and GP, partner contributions, capital accounts, LP/GP withdrawal/replacement, Tax allocations, GP compensation, transfer & encumbrance of partnership interests, death/incapacity, dissolution/termination.Our intent is to purchase and rehabilitate SF/MF properties on our own and also as partners with at least one other investment entity on larger deals.How have other BP members addressed a similar scenario?

However having one trust per spouse also give some more flexibility in the way to handle some incapacity.

According to my research a capital asset is:The IRS indicates what constitutes a real property capital improvement as follows:Fixing a defect or design flawCreating an addition, physical enlargement or expansionCreating an increase in capacity, productivity or efficiencyRebuilding property after the end of its economic useful lifeReplacing a major component or structural part of the propertyAdapting property to a new or different useA repair is as follows:Improvements that "keep" property in efficient operating conditionRestores the property to its previous conditionProtects the underlying property through routine maintenanceIncidental Repair to propertyReference is http://www.dbbllc.com/newsletters/focus/mar2012/irs-clarifies-capital-improvement-vs-repair-expenseNext time I will rent a small excavator, dig my own hole, and put on a Fernco.

For this purpose said person would act in capacity as a buying agent *(contracted trustee).

AS stated a very experienced investor centric agent is super busy and unless you pop in with multiple millions in capacity they usually will not take you on..

Partnering between two people both with no or limited experience; both with no or limited capital, or because they’re “good friends” and want an adventure together, will ultimately result not only in the failure of the partnership, but often in long term bitter feeling of blame and hostility between the ex partners.The partnerships that are successfully, both financially and socially, have most of these characteristics1- the  parties bring complimentary attributes to the partnership2- the parties are of a like mind concerning ethics3- the parties view risk - return the same way4- the parties goals are aligned5- the parties RESPECT one another 6- the parties are willing to defer to the other partner in that partner’s area of expertise7- neither party is under undo financial pressure8- each partner’s “significant other” is supportive of the partnership9- the partners have an agreed plan in case of death or incapacity of one partner10 - the partners have a legal, executed buyout plan in case one or both parties want to terminate the partnershipIf you’re considering going into a real estate, or any business partnership, you may want to consider the above and take a hard look at the chances of success.  

This includes a discussion of their overall risk management program -- Life, Disability, Long Term Care and Liability -- to make sure the plans are adequate and cost effective.b.Considers the overall investment portfolio to make sure investment selection and diversification are managed appropriately.c.Reviews the overall tax sensitivity of these investments.3.Plans the Distribution of Wealth during Life in the Most Advantageous Waya.Considers the IRA and qualified retirement plan distribution plan; not as an accountant, but using a tax expert as appropriate.b.Assesses who serves as their durable power of attorney or successor trustee of a revocable living trust in case of an incapacity - again using the appropriate advice from a CPA and legal counselors.c.Considers ways to distribute wealth to children and descendants for well-being, education and other purposes and doing so in the most tax-efficient method.d.Reviews charitable giving for both tax savings and control issues. 4.

If this is a long time incapacity people may have forgotten, it does not need to be the same person that makes medical decisions and it could be someone other then a sibling.  

Most likely the medical facility attorney can accomplish this.A letter to the big bank making these points;The co-owner and borrower (loan number xxxxx-xxx-xxxx), suffers a permanent mental incapacity and is now admitted for institutional medical treatment, unable to manage her personal affairs her estate The owners and borrower are engaging in a planned property transfer for estate planning purposes.