Legal Question in Wills and Trusts in Maryland

Trusts

How can I buy a house in my minor children's name, and I be their custodian/trust. I will rent from my children for mortgage payment. Is this possible?


Asked on 3/26/02, 9:22 pm

1 Answer from Attorneys

Thomas DeCaro DeCaro & Howell PC

Re: Trusts

You can do this by setting up a trust to hold

title to the property. The rent must be the fair

market rent for similar properties, and it

cannot automatically equal the mortgage payment,

or else you will lose some of the tax and asset

protection benefits of this arrangement.

Please call us for a no-obligation consultation

if you would like to discuss this matter further.

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Answered on 3/27/02, 10:20 am


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