You should consult with a local estates / tax attorney.
Why a trust instead of a corporation or LLC?
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I agree with Mr. Millar. You should consult with a trusts and estate attorney. Good luck.
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Agree. COnsult with an estate planning and tax attorney. Trying to get advice off the web for something of this complexity is a bad idea. It is not unusual for mortgage companies to insist that mortgaged property in RLTs be removed from the RLT before refinancing.