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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: No, they usually aren't irrevocable... Posted by W. Priske (So. Ca.) on February 20, 2004 at 3:25 PM In Reply to: No, they usually aren't irrevocable... posted by Ward-CA on February 20, 2004 at 2:32 PM : : I spoke with my attorney about title holding land trusts. He recommended that the trust should be irrevocable and that 100% of the beneficial interest should be assigned to the beneficiary. Your thoughts? : ==================== : Trusts can be revocable or irrevocable. And the beneficial interest can held by one individual or fractionated amongst several different entities or investors. Ward, Is it possible to take title in a land trust (I as Grantor & 100% Beneficiary), hold the property for some time, and then change the trust to an irrevocable trust just before selling the home to avoid the 3.3 % state tax? Nothing fancy, I mean literally changing the word "revocable" to "irrevocable" in the opening paragraph of the trust. Follow Ups: CPA cautions against switching to irrevocable trust... Ward-CA- 4:55 PM, 02/20/04 (2) Bypass 3.3% state tax, estate tax and gift tax Darryl-CA 8:09 AM, 02/21/04 (0) Bypass 3.3% state tax, estate tax and gift tax Darryl-CA 8:07 AM, 02/21/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : I spoke with my attorney about title holding land trusts. He recommended that the trust should be irrevocable and that 100% of the beneficial interest should be assigned to the beneficiary. Your thoughts? : : ==================== : : Trusts can be revocable or irrevocable. And the beneficial interest can held by one individual or fractionated amongst several different entities or investors. : Ward, : Is it possible to take title in a land trust (I as Grantor & 100% Beneficiary), hold the property for some time, and then change the trust to an irrevocable trust just before selling the home to avoid the 3.3 % state tax? Nothing fancy, I mean literally changing the word "revocable" to "irrevocable" in the opening paragraph of the trust. 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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