[WSBARP] Family Trusts

[John J. Sullivan]

If it’s an irrevocable trust you lose the income tax benefits, don’t get a stepped up basis, and probably won’t be able to find a lender if you choose to refinance. 

If revocable, those are not applicable, but you have no protection from creditors. 

John J. Sullivan 

Sent from my iPhone

> On Sep 24, 2021, at 11:44 AM, Mark Anderson <marka at mbaesq.com> wrote:
> 
> 
> The two possible benefits I can think of off the top of my head are 1) avoidance of probate and 2) limitation of liability for family members.
>  
> Mark B. Anderson
> ANDERSON LAW FIRM PLLC
> 821 Dock St  Ste 209  PMB 4-12
> Tacoma, Washington 98402
> +1 253-327-1750
> +1 253-327-1751 (fax)
> marka at mbaesq.com
> www.mbaesq.com
> 
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> -----Original Message-----
> From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kary Krismer
> Sent: Friday, September 24, 2021 11:04 AM
> To: wsbarp at lists.wsbarppt.com
> Subject: [WSBARP] Family Trusts
>  
> Could someone please explain any possible benefits to putting a family residence (or other real property) into a Family Trust?  I think I'm aware of the possible concerns about the homestead exemption, but any other potential downsides would be appreciated too.
>  
> I have a family member considering one and I just don't see the point.
>  
> --
>  
> Kary L. Krismer
> 206 723-2148
>  
>  
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