Legal Question in Real Estate Law in California
1. Trust assets remain in trust for 2 more years and there is a special needs trust
2. Trust selling one of the income properties
3. Possibly using profit to purchase another income property using 1031 exchange
a. Can one of the renters be the beneficiary of the estate once it's distributed
b. Can one of the tenants be a co trustee of the estate
4. If this can not be done, is there a way to purchase something for the beneficiaries can live in
5. In 2 years when estate is distributed
, will the beneficiary with special needs go into his name or his trust name? If he has leins against him, will they come after the money is his trust?
6. When the properties are distributed in two years, will there be tax penalties and is there a way to lesson those.
7. Other options for the selling of the apartment in terms of avoiding a huge tax bill? Investments, etc.
1 Answer from Attorneys
It is almost impossible to respond to yur question without a great deal of additional information on the trust, its terms and its reason for existing. You need to obtain advise from a probate and trust attorney who has knowledge of the operation of Special Needs Trusts. THe questions are alittle to random to make sense.
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