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.

Comments(1)

  • DerrickAli20th December, 2004

    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

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