What is the name of your state (only U.S. law)? Tennessee
Background--
--Full time single father, minor child.
--Establishing estate planning documents. Revocable trust seems to be the document most suggest.
--Assets will be primary home, a couple rental homes, 401k, roth 401k, life insurance policies.
--Beneficiary (if this is important) will be my son. Terms will be that his educational (and some other) expenses are paid from trust, then assets transferred to him in equal portions at age 25, 30, and 35. (Hopefully rental income covers his educational and living expenses prior to age 25 without needing to liquidate rental property or touch life insurance & 401k).
My mother wishes to add a rental property to the trust. (This is actually a rental property I purchased, but titled in her name several years ago. She claims on her taxes.)
Two questions--
1. Can a revocable trust have multiple grantors? (Obviously yes, because married couples can both be grantors. But can grantors be mother & son? Is there such a thing as revocable family trusts?)
2. My understanding is that while the grantor(s) is/are still living, the income & expenses of the rental property are reported on the grantor's tax return. In the case of multiple grantors, where the property is re-titled in the name of the trust, does it matter who claims the rental property as long as it is properly claimed? In other words, can I simply claim the property my mother granted to the trust on my tax return?
Thank you.
Background--
--Full time single father, minor child.
--Establishing estate planning documents. Revocable trust seems to be the document most suggest.
--Assets will be primary home, a couple rental homes, 401k, roth 401k, life insurance policies.
--Beneficiary (if this is important) will be my son. Terms will be that his educational (and some other) expenses are paid from trust, then assets transferred to him in equal portions at age 25, 30, and 35. (Hopefully rental income covers his educational and living expenses prior to age 25 without needing to liquidate rental property or touch life insurance & 401k).
My mother wishes to add a rental property to the trust. (This is actually a rental property I purchased, but titled in her name several years ago. She claims on her taxes.)
Two questions--
1. Can a revocable trust have multiple grantors? (Obviously yes, because married couples can both be grantors. But can grantors be mother & son? Is there such a thing as revocable family trusts?)
2. My understanding is that while the grantor(s) is/are still living, the income & expenses of the rental property are reported on the grantor's tax return. In the case of multiple grantors, where the property is re-titled in the name of the trust, does it matter who claims the rental property as long as it is properly claimed? In other words, can I simply claim the property my mother granted to the trust on my tax return?
Thank you.