Family Trust general question

[sete67]

Question, we have a Family Trust with all my mother's assets. There are 3 rental properties included in the trust. Everything in the trust is to be split evenly 3 ways with my brother and sister and there will be no issues amongst us. When Mom passes are we allowed to keep the trust intact and share the income or will we be required to split everything up into our individual titles? How does this work? Thanks. mike

 

[tranquility]

The trust holds the answer(s) to your question(s).

 

[curb1]

The trust document should give you some direction. But, the best advice I can give would be to get the assets out of the trust and into your individual accounts. You might have all three of your names on the titles. Otherwise you will be filing taxes and doing a set of books for the trust. Generally the trust will be paying higher taxes than you as an individual. Is there cash as well as the rentals? Do you have ideas how you could split up the assets (maybe each of you with a rental)? Are there any debts?