Has house, land, vehicles and IRA's.
IRA's are a tricky asset. The IRS eventually demands its "pound of flesh" (tax dollars). By law, we are required pay the IRS the tax dollars due in an IRA at age 70 1/2. This means, you want to be careful who you name as beneficiary of the IRA after you pass away. For example, if you name your 90 year old mother and your 30 year old child the beneficiary of the IRA - the IRS will demand the tax dollars immediately. You can contact an estate planning attorney to set up a special trust to maximize this asset.See question
I currently own another home that I need to remain in for a primary residence until June of next year. I am acting as a non-occupying co-borrower on the loan for this new house, and I may move in in the future . I will be invested 30% in the home,...
A trust is a good way of holding title to property. Please beware of do-it-yourself documents. There are a lot of "bare bones" living trusts available for download or at the local bookstore. I'm sure we all have different opinions about those documents. Certainly, it is best practice to form a relationship with an attorney.See question