Bronx, NY asked in Business Formation, Business Law, Civil Litigation and Real Estate Law for New York

Q: How can I buy a land For my kids..kids will be shareholder of the new company..

Hi everyone..I am planning to buy a land (its in the commercial zone) for my 2 kids..I want them to be owner of the property..The problem is they are just kids, 5 and 7 years old..and I divorced long time ago.. I have joint custody with my ex..my kids are not living with me..My ex has the physical joint custody.I am single now.I am thinking to build up a new company for my kids name, ;I want them to be owner) and I wanna act like a trustee for them until they are 18 years old.(If I need a permit to make changes or Signatures ,I must sign anything on their behalf).is that possible? And I dont want them responsible for anything, in case if I go bankrupcy or etc, I want to keep this land for them.times are tough and I am running bussiness, u never know whats gonna happen in the future.and my exwife has boyfriends, I can’t trust her,but this is an opportunity for my kid’s future.I need to buy this land, and this land should be protected against anything, bankrupcy or etc..is this possible?

2 Lawyer Answers
Michael H. Joseph
Michael H. Joseph
PREMIUM
Answered
  • White Plains, NY
  • Licensed in New York

A: Probably, creating a family trust is the best option to suit your needs.

Elaine Shay
Elaine Shay
PREMIUM
Answered
  • New York, NY
  • Licensed in New York

A: I second forming a trust

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