How do i transfer property to a trustee for 4 minor children that are not related to me in Idaho?

Asked over 1 year ago - Bonners Ferry, ID

I am a terminal cancer patient and I want to leave my land to the children of some dear friends who are like family to me. Id like to do this before I die, I have someone to nominate as trustee to the property, until the eldest child turns 18. Im not sure how to go about this. Please help.

Attorney answers (4)

  1. Paula Brown Sinclair

    Contributor Level 20

    4

    Lawyers agree

    Answered . Mr. Pankowski is correct in that retaining experienced Idaho estate planning or elder law counsel is essential here. You should be concerned not only with the mechanism for transfer, but also for possible unwelcome consequences of your generous gift. Your attorney should take the time to help you understand the Medicaid eligibility and tax consequences of a lifetime gift and compare it to a testamentary gift. An adept estate planning attorney will start with your objectives and concerns, not with how to do something.

    Best wishes for the peace of mind that careful planning brings, and please remember to designate a best answer.

    This answer is offered as a public service for general information only and may not be relied upon as legal advice.
  2. Christopher J. Moore

    Contributor Level 7

    4

    Lawyers agree

    Answered . I agree with the advice given by the two prior attorneys except that I don't understand the reference to a Montana attorney where you are shown as residing in Bonners Ferry, Idaho. Trust and estate planning law, as well as real property law, varies significantly from state to state. Be sure that the attorney you select is licensed in Idaho and is familiar with Idaho laws.
    I would also point out that a trust containing only real property is problematic. How will the Trustee pay the property taxes, utilities and maintenance? What is the source of funds? The Trustee cannot assess the beneficiaries, who may not have resources in any case. Be sure to also contribute sufficient cash assets to the Trust to maintain the property for an appropriate number of years, at least until the YOUNGEST child reaches age 18. It is not a good idea to vest property ownership in a person under age 18.

    This response has been prepared as a courtesy to aid understanding the legal issues and procedures presented. The... more
  3. Joseph Michael Pankowski Jr

    Contributor Level 18

    5

    Lawyers agree

    Answered . I'm very sorry for your circumstances, but I think it is truly great that you are trying to help out your friends' children.

    The first thing you need to do is to retain a Montana lawyer who can prepare a trust agreement. You will select the Trustee and successor Trustees of the trust and will work with the attorney on the trust's provisions for the benefit of your friends' children. Once the trust agreement is prepared, the attorney will prepare a deed transferring the land to the trust. You will, of course, need to execute the trust agreement and the deed in order to make all of this work.

    Some of your friends may tell you that you can do this all on your own. Please do not listen to them. The preparation of trust agreements is something which should only be done by experts and you can avoid a lot of pain for your friends' children with a properly prepared document. Good luck to you.

    This information is presented as a public service. It should not be construed to be formal legal advice nor... more
  4. Brian Matthew DeFriez

    Contributor Level 3

    2

    Lawyers agree

    Answered . I agree with previous comments regarding the need to look at the complete picture, including medicaid eligibility, tax consequences, as well as how this gift fits into your overall estate plan. Depending on your financial situation, these may not be serious issues, but they merit consideration prior to moving this property into a trust for the benefit of the minors.

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