land trusts

[Paolo Dorigo]

I am selling a property that i currently own under my LLC. I found a cash buyer. i now want to transfer title from my LLC to a land trust, then assign the beneficial interest to the new buyer. I need this to happen within a week. Can someone give me the step by step procedure regarding the paperwork and action needed.?'.

[Account Closed]

Paolo Dorigo, I hate to be the bearer of bad news but if the the property is in CA and more than 50% interest in an entity (including land trust) changes you must report to Board of Equalization’s (BOE) office in Sacramento within 45 days of the change. [Revenue & Taxation Code §§ 480.1 and 480.2], this started in 2010. This is done specifically to alert the tax assessor, so, you can't avoid transfer tax.

Hey, this is CA, they want every last ounce of your blood. Now that the liberals have a super majority in both the state house and senate they can pass new taxes without the voters approval and the governor can't veto (not that he would). Nothing can stop them now. Just because we have the highest income and sales tax IN THE NATION means nothing to the union controlled democrats in Sacramento .... you haven't seen anything yet!