JY101 master, several questions about the trust

In my previous posts, I just talked about a simple realty trust. I don't want anybody to confuse it with the complicated living trust that is under hot discussion here.

JY101 master, would you please answer a few questions about the realty trust:

- if the trustee change the name of beneficiaries or adjust the percentage of each beneficiary holds, from what I understand the changes will not be public record. Will there be tax impact? Will the IRS consider it is a sale or transfer of property?

- if something wrong happens on the house and somebody (for example, tenants) sues, who is got sued? Is the trust holding the house, the trustee or beneficiaries?

- if one of beneficiaries get sued in other cases and lose, will his benefit in this trust get impacted? Will the whole trust get impacted?

Thanks a lot!

 

所有跟帖： 

• that is exactly what I was trying to say yesterday.maybe for my -MrsKwok- ♀ (261 bytes) () 11/01/2010 postreply 10:35:33

• meant my broken english...... -MrsKwok- ♀ (0 bytes) () 11/01/2010 postreply 10:36:15

• haha, first of all, please don't call me master...call me a bro. -jy101- ♂ (1454 bytes) () 11/01/2010 postreply 12:19:52

• Thanks a lot. -mominma- ♀ (0 bytes) () 11/01/2010 postreply 17:33:44