Ray-N-Pa
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Ray-N-Pa (by NE [PA]) Feb 11, 2024 8:51 PM
       Ray-N-Pa (by Ray-N-Pa [PA]) Feb 12, 2024 5:39 PM
       Ray-N-Pa (by 6x6 [TN]) Feb 12, 2024 9:59 PM

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Ray-N-Pa (by NE [PA]) Posted on: Feb 11, 2024 8:51 PM
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Am I correct in understanding that in Pa, there is no transfer tax to move properties into trusts? Itís been many years since I had a very short conversation about this and I may be missing info/ misunderstanding what Iíve heard. But It may be a get out of jail free card in Pa for that registration nonsense. --24.152.xxx.xx




Ray-N-Pa (by Ray-N-Pa [PA]) Posted on: Feb 12, 2024 5:39 PM
Message:

the state will want a copy of your land trust.......go ahead and provide them a copy of one.

As long as you or your wife are the beneficiaries and you don't have an LLC initially listed as the trustee, you are good to go. Any time after you set up your initial land trust, you are allowed to change your mind. This is a revocable trust.

In a perfect world, your trustee would be in one state, the trust is in a second and the property is in a third. There are a handful of states that are very land trust friendly with the law. Florida, Mass, Hi and Virginia are some of the best as the laws are clear cut. Pa land trust law is largely based on case law so not nearly as strong. You make the land trust specific to that state by saying what state law applies in the trust itself.

Why three different states in a single trust? If you screw up and it is blatant (like a death and not having working working smoke detectors)- you will get sued. If it is a simple slip and fall - finding three attorneys that can agree on working together for a small settlement, probably isn't going to happen. That person might have forgot exactly where they fell after they find out that you are hiding in plan site

--24.101.xxx.xxx




Ray-N-Pa (by 6x6 [TN]) Posted on: Feb 12, 2024 9:59 PM
Message:

--73.190.xxx.xxx



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