How do you put a home you own into a real estate trust?

Question

We own a home that is impossible to afford (got screwed by a mortgage company). We also own a business which operates from our home, and which can't exist without our home. We would like to "sell" or transfer the house to the business and then rent it from the business for an affordible amount.

We thought creating a trust might work.

Any ideas on the best way to fix this mess would be great.

Answer 1

Its actually pretty easy. You need to speak with someone who specializes in this sort of thing. They will handle all the paperwork for you. You want to use a proffesional, becasue they "Generally" don't make mistakes. I have all my property in trust. Its great for protection.
Do an online search in your area for "Asset Protection" or "Setting Up A Trust"
It should run you about 200-400 dollars to complete the whole thing.

Answer 2

I don't understand how a trust might work in your situation unless your business can take a monthly hit on paying the mortgage payments. If that's the case and your business is doing well, you might just pay yourself extra to pay the mortgage. I think, from a tax perspective, you're shooting yourself in the foot by moving your home to a trust and then having your company take over the trust and paying the corporation rent as a residential beneficiary. Talk to a CPA to make sure.

Ever think of selling your home to one that you can afford and can hold your business?

Regards

Answer 3

hi i'm not answering your question but ne way,hey this is the girl who asked about a broken arm, justwanted to say thanx for answering i did break my armin 5 places actuall and havea full arm cast for 6 months. just incase you wanted to know! thanx again!