InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] CPA cautions against switching to irrevocable trust... Posted by Ward-CA- on February 20, 2004 at 4:55 PM In Reply to: Re: No, they usually aren't irrevocable... posted by W. Priske (So. Ca.) on February 20, 2004 at 3:25 PM :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. ================ W. Priske, The problem isn't in switching it from a revocable to irrevocable trust. That's easily done. But when I asked my CPA, Dan Gatto of (Gatto & Pope, LLP in San Diego) about such a move several months ago he suggested against such a change because it raises a gift tax issue with IRS. Follow Ups: 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: : :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. : ================ : W. Priske, : The problem isn't in switching it from a revocable to irrevocable trust. That's easily done. But when I asked my CPA, Dan Gatto of (Gatto & Pope, LLP in San Diego) about such a move several months ago he suggested against such a change because it raises a gift tax issue with IRS. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455