Revocable trust, multiple grantors?

[ak2103]

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.

 

[TrustUser]

1) i can think of no reason why you would want your mother or your son as grantor of your trust. being that your son is a beneficiary, i doubly do not think that you would want your son as grantor. but you can have multiple grantors sign the trust document.

2) not sure what you mean by "revocable family trusts" ?

3) will your mother be taken care of by the trust at any time ?

4) it is true that income and expenses are recorded against the social security number of the grantor in a revocable trust. the federal govt does not even recognize a revocable trust as a separate entity.

5) as far as your mom's rental property, i will allow someone wiser than me to answer that one !!

 

[ak2103]

Sorry for the confusion. By mother and son, I meant my mother and me.
Think of it this way... I'm throwing a bunch of stuff into the "trust" pot for my son's benefit when I'm gone. My mom says, "here, throw this in there from me."

That's my question. Can my mom donate her rental house into the trust? We're a small family. If family members have assets they want to leave to my son, can we create a family trust into which multiple members place assets for my son's benefit when we're all gone?

 

[TrustUser]

even though you might have paid for it, it is in her name, and she claims it on her taxes

i dont think it would fly, re-titling the house in the trust, without some ramifications

what would work is to create a trust for your mom, and then title her assets in her own trust, including her rental house

the beneficiary of her trust could either be your son, or the trustee of your trust - this way, it would definitely go to your son