Often we have customers asking us to transfer Los Angeles properties from a trust to an LLC, or from a deceased parent’s trust to the trust of the beneficiary, who might be the child of the deceased.
We asked this question more than once to our favorite attorney, and he has consistently told us to avoid doing straight transfers from a trust to another trust, or from an entity to a trust or vice versa, but instead – in the example of the transfer from trust to LLC – to quitclaim the property from the trust to the trustee as a person, and then from that person to the LLC or corporation owned by that same person. In the case of passing of a parent via trust, the two step would be transferring the property from the successor trustee of the trust to the child of the deceased as beneficiary of the trust, and then from the child of the deceased to his/her trust.
This is to avoid potential problems with the Los Angeles county assessor. Claiming the right exemption and filing the proper parent to child exemption avoids not only reassessment of the property, but also the hassle of having to respond to one of those dreaded letters from the county assessor requesting more information.
We can take care of all the paperwork for a flat fee of $169, which includes notary and the filing fee. Just to give you an idea, Legal Zoom charges $249, they do not include the filing fee and they file via mail, rather than in person like we do (Los Angeles County only).
The Document People is a network of independently owned stores that share a common purpose: helping customers represent themselves. We are looking forward to drafting your Living Trust and pour over will. We serve Woodland Hills, Encino, The San Fernando Valley, Orange County and San Diego County.
The information contained in this blog – including information of a legal nature – is provided for informational purposes only, and should not be construed as legal advice on any subject matter.