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Home Q&A Forum We want to transfer land to our children but we want to still get the income and pay taxes until we die what kind of deed is this

Real Estate

Property Deed

South Dakota

Asked on Feb 2, 2022

We want to transfer land to our children but we want to still get the income and pay taxes until we die what kind of deed is this

We have three children the attorney made it a warranty deed to transfer our land to them but we still want to have the rent and pay the taxes what kind of deed should this be

1 Attorney answer

Answer

Real Estate

South Dakota

Answered 876 days ago

T. Phillip B.

ContractsCounsel verified

Business Lawyer
Licensed in Illinois
Free Consultation

Depending on the land and business, I'd consider making an LLC for asset protection reasons. Then you could have a trust as the member. If you need to get the property out of your estate, this will dictate what to do with the trust.

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