All Forum Posts by: Kumar Jagan

Hello All,

I have a rental property in California. It's currently in my Trust. I would like to bring the property in to a LLC (holding llc>Rental LL>Trust) in the future. Since this is a big process. I wanted to just take out the rental property from Trust to our name. I have a Trust Transfer deed.

   Please let me know if filing Trust Transfer deed to the county is the correct step for now, before moving on the other steps 

LLC (holding llc>Rental LL>Trust).

  I do not want the Trust to be a liability with other stuff.

Thanks

1. I have created an Estate Plan (Will and Trust). I have also created an LLC just for managing my rental property. I would like to create an assignment of business interest to transfer the llc to living trust to protect my rental from any renters laibility.

2. The firm which created my Estate Planning initially has created a Trust transfer deed to transfer or take my rental home out of my trust. My current trust has the rental property there. They have also created a Quit claim deed to transfer the rental property to my llc. I have not submitted the deeds to the county yet. Now I came to know that it's recommended to create a structure where The trust is assigned to WYoming LLC. The Wyoming LLC is assigned to the rental LLC. The rental will be assigned to the rental LLC (in the state the rental property is in). The Wyoming LLC will be assigned to the Trust. Will this kind of structure protect my asset my liabilities, law suits.

3. I also come to know that if the rental property is assigned to an LLC, once it is recorded with the County. The county may assign Title Transfer Tax. And the bank where i have the loan might ask me to refinance the loan because the owner has changed.

I am confused and do not know what to do. Please answer my questions. I will appreciate it.