Consideration When Recording Transfer To Trust Or LLC?
When I transfer the ownership/title of a property into a trust (for personal or investment property, I'm planning for both) or into an single-owner LLC, how much, if anything, should I list as consideration or "price?" Obviously, I'd like to avoid paying additional transfer taxes a second time on the value of the property.
MN Hungry:
Nice to meet you...
Not certain if I'd use a single member LLC (doesn't give you much in the away of asset protection)
But I usually put $10 as the consideration...though I've seen $1 used a lot here locally.
Hope this helps!
Derrick Ali :-D