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