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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: ABI's and Escrow Posted by Erick on May 21, 2003 at 3:27 PM In Reply to: ABI's and Escrow posted by Pam on May 07, 2003 at 1:50 PM If the buyer is willing, couldn't she simply assign the BI of the trust over to the buyer instead of the trustee deeding the title and dissolving the trust? Could this transfer of the beneficial interest avoid the transfer tax? And if so, would the title company have a problem with that considering they would probably have to send the IRS a form 1099S, or would they?? The buyers shouldn't care about leaving title to the property in a trust should they? They should still be able to get financing on the property as the beneficial interest holder, shouldn't they? Would this still be considered a "grantor" trust if the grantor of the trust is no longer the beneficiary? (I'm not really sure I grasp was a "grantor" type trust is or whether all most lenders have a problem with a trust not being a grantor trust). Thanks. : I put an investment property in a trust with myself as trustee. When I sell the property and go thru escrow, does the escrow officer need to see the Assignment of BI, or is that always kept private? (I know it's never recorded) : Is the transfer tax I will be paying when I sell the property based on my transfer (as trustee) to the new buyer, or is it based on the transfer evidenced by the ABI? Thanks for clearing this up. Follow Ups: hoodia Harry Juna 5:35 PM, 02/03/05 (0) Post a Followup: Name : E-Mail : Subject : Comments: : If the buyer is willing, couldn't she simply assign the BI of the trust over to the buyer instead of the trustee deeding the title and dissolving the trust? : Could this transfer of the beneficial interest avoid the transfer tax? And if so, would the title company have a problem with that considering they would probably have to send the IRS a form 1099S, or would they?? : The buyers shouldn't care about leaving title to the property in a trust should they? They should still be able to get financing on the property as the beneficial interest holder, shouldn't they? : Would this still be considered a "grantor" trust if the grantor of the trust is no longer the beneficiary? (I'm not really sure I grasp was a "grantor" type trust is or whether all most lenders have a problem with a trust not being a grantor trust). : Thanks. : : : I put an investment property in a trust with myself as trustee. When I sell the property and go thru escrow, does the escrow officer need to see the Assignment of BI, or is that always kept private? (I know it's never recorded) : : Is the transfer tax I will be paying when I sell the property based on my transfer (as trustee) to the new buyer, or is it based on the transfer evidenced by the ABI? Thanks for clearing this up. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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