Inheriting 2 Commercial Buildings

[JoeRagona]

Hello all,

I have 2 commercial buildings that I will inherit very soon. They are from my fathers business. The family, meaning myself, sister brother in law and mother own the company.

Myself with my mother have sold our portion to my sister and brother-in-law while I am gaining profits from the company and the two buildings the company operates in. The buildings are free and clear.

I will begin taking rent from these buildings but my question is, that since my father`s passing, my mother is on title of these buildings.

What is the best way to handle transfer of these buildings to me so I can put them in my RE portfolio?

Is it wise to have the title transferred to me? Or should I just have my mother hire `my management company` and pay me the rent from the buildings directly?

Any help is appreciated.

Joey

 

[DonCampbell]

Hi Joey,

Due to the compexity of this case you will need to get two experts on your team right away. #1 a tax accountant with a lot of real estate specific experience (probably not the same accountant as the business accountant) #2 a real estate specific lawyer who can walk you through the many options of doing this important family transaction so as to reduce any tax payable.

The money you spend TODAY on these experts will save you MUCH MORE in the future.

 

[JoeRagona]

Thank you for your response Don.

I`m impressed that you frequent the boards and are actively involved.

Joey