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RR Valley, ND; MN native | This was on my mind the past week.
My mom is 85 and in asst living. My sister and I are listed as owners of the farm. Mom gets rent to her name and a 1099, etc. So, sister recently was divorced and changed her name and since we are also named on Mom's checking account, papers with the bank need to be signed, etc. for that name change. Will also need to contact the lawyer about this for the land records.
The above is reason this question is now on my mind....
So, after mom passes we are going to end up getting rent income (at least in the short term, depending on when we sell at some point, no heirs after us). I was thinking that the thing to do is form a LLC to deal with the farm rent income and expenses. Sister thought maybe just leave moms accounts as-is since our names are on them, etc.
I don't know what is the typical thing in a case like this??
I have a feeling that I am going to have to get more knowledgeable on legal topics in the next few years....
So, basic question is those renting from multiple owners/heirs, are you paying to an individual or some LLC or something as a "front" ?
Edited by Jeff in ND 3/24/2024 12:42
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For those with joint landlords....
