Mark Kohler breaks down what goes into a living trust: real estate, business entities like LLCs, investment accounts, and life insurance. He notes that putting a business in a trust doesn't change how you file taxes.
What assets do you like to see in the trust? I think there's 4 main assets. Your home and any other real estate. It could be a piece of land. Yeah. It could be— Grandpa and Grandma. Yeah, cabin or ranch, something you're not renting. It's personal use, second home, anything like that. That would be category 1, just like real estate. And your home is going to be the primary. Number 2 would be any business entities like an LLC or a corporation, LLC that owns rental property. Even if it's an operational company, the IRS does not care. It's called a see-through trust. So you're still going to report the business operations on your 1040 or on the business return. Don't worry about tax returns. It does not affect any of this. Number 3 would be investment accounts, and number 4 would be life insurance. Personal property is that one we'll debate at the end, like cars, RVs, stuff like that.
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