I love to search on the Fairfax County real estate web site to see how much houses are worth and how much people paid for them. Sometimes, it gives the owner's name and after it, it will say "tr" for trust. What does that mean???? How does it affect their property taxes? How do you get a trust? I am just curious and I didn't know who else to ask. Thank you.

Trickie

Trickie, sup yo!

most likely a group of people owns that property.
They setup a trust to do real estate investment.

Every married couple should set up a trust. I have one and my house is listed as a trust. It is a legal document/aggreement that puts all of your real assets into a trust, such as house, bank accounts (not IRAs) etc. It includes things such as your will, your medical request at death. When on spouse dies, all assets in the trust transfer to the other spouse. Today, each person can have approximately a million dollars passed to heirs without being taxed. That means a million for you and a million for your spouse. If your husband dies, you can pass on 2 million dollars (if you have that amount) to your children without being taxed. Remember the tax laws change! If you did not have the trust and your husband died, you would only be able to protect 1 million, not the 2 million. At the time of death, it does not go to probate, but passed on immediately. No one can dispute the will. I could go on, but it is the way to go.

In general, a trust means you keep everything in the family and you don't have to pay inheritance taxes. Without a trust you loose half of your money to the State, etc...

You can request that "Name Withheld by Request" be put on your real property records on that tax assessment website.

I would recommend that also.

Where is this Fairfax County real estate site of which you speak?

Here is the link. You can just put the whole street down to find everyone on your street or you can put in an address.

Trickie

http://icare.fairfaxcounty.gov/Main/Home.aspx

Triki- The link you left didn't seem to tickle mah fancy. I don't think sall working right or something of that nature. Just the 411 :-)

It just worked for me. When you get to the page of my link, click on address. You can type in just the street and get everyone who lives on the street or you can type in the street and the number for just one adress and sales info. Try again.

Trickie

not interested