Trust Question?
Can anyone clue me in on the cost of placing a property into a trust? IS there any other important info I may need to know of? I, then, look to make my LLC the beneficiary. ANy thoughts? Thanks in advance!
Your question is very timely for me. I'm buying a second home in Pgh and am trying to figure out the whole structure.
I'm struggling to find an attorney in Pgh who knows how to set up a land trust though so I'd be interested in what you find out.[ Edited by nlpaller on Date 02/29/2004 ]
Once a trust exists, which is just the time it takes to draft it & have it signed, then any RE can be deeded to it.
So I'd expect the total time required might be an hour or two, if the drafter really dawdled.
Remember the new deed needs to be notarized & recorded.
So I could purchase a property with a personal mortgage and then transfer it to the trust and make the LLC the beneficiary?
What about getting a mortgage right under the LLC?
Does anyone know any good lawyers that could help with this in NJ? :-o