Need Assistance with Trust Administration, Taxes

Our Mother recently died. Her property consisted of a small multi-family building in Berkeley which was rented out to support her care costs. 

We hope to keep the property in the family.  My sister and I are executors, DPA's and heirs. The property is in a Trust.

We hope to hold on to the property and continue to manage it ourselves. We also want to avoid additional tax liability and protect ourselves legally from any potential lawsuits associated with the property. The person who originally set up the Trust is no longer available.

We will need assistance with Trust administration, knowing what our rights and responsibilities are and tax prep.

Thanks in advance

Parent Replies

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The conservative thing to do is create an LLC to hold the multi-family property. Then eventually wind down the trust after distributing all of its assets, starting with moving the building into the LLC. I would say you need a CPA and the Nolo Press book on forming LLCs.