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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I don't want to lie, especially when I don't have to... Posted by Ward-CA- on August 20, 2003 at 5:53 PM In Reply to: But who is going to know??? posted by jom-CA on August 20, 2003 at 9:20 AM : Hi Ward : I don't see how this deed will be any different than the deed using the "assignment" method. ANSWER: Doing it your way you would have to lie in order to make from the seller to you read zero transfer tax. Doing it our way, the owner's not selling the property, she's truly just transfering it to her trust. So the deed reflects that there's not any transfer tax due. The assignment to us of the beneficial interest in trust takes place a number of days later. Since that's a sale of a personal property interest there's no transfer tax due then either. : You put the SAME info on the deed in BOTH cases. Plus, who is going to know who the GRANTOR/TRUSTOR : of the trust is when you don't show them the Trust Declaration? You don't do that in either case so : how would anyone know? You still don't pay the transfer tax so no reassessment. Same with the bank. : I'm sorry Ward but I just don't see how to the outside world this looks any different than the usual assignment method. ANSWER: Then, if the outside world doesn't see the difference, you shouldn't have any trouble doing it the safe way. Follow Ups: Re: I don't want to lie, especially when I don't have to... jom-CA 7:25 PM, 08/20/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward : : I don't see how this deed will be any different than the deed using the "assignment" method. : ANSWER: Doing it your way you would have to lie in order to make from the seller to you read zero transfer tax. : Doing it our way, the owner's not selling the property, she's truly just transfering it to her trust. So the deed reflects that there's not any transfer tax due. The assignment to us of the beneficial interest in trust takes place a number of days later. Since that's a sale of a personal property interest there's no transfer tax due then either. : : You put the SAME info on the deed in BOTH cases. Plus, who is going to know who the GRANTOR/TRUSTOR : : of the trust is when you don't show them the Trust Declaration? You don't do that in either case so : : how would anyone know? You still don't pay the transfer tax so no reassessment. Same with the bank. : : I'm sorry Ward but I just don't see how to the outside world this looks any different than the usual : assignment method. : ANSWER: Then, if the outside world doesn't see the difference, you shouldn't have any trouble doing it the safe way. 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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