Discussion Forum

Randy Hughes
Land Trust Expert-40+ years of experience

Re:Tranferring your 25% interest to another beneficary

Wednesday, August 17 2011 02:15 PM

D,

SEE MY COMMENTS BELOW IN BOLD.


RANDY

If I want to give my 25% interest to another beneficary in our Land Trust can this be done?YES, YOU CAN USE THE FORM I PROVIDED IN MY HOME STUDY COURSE CALLED "TRANSFER OF BENEFICIAL INTEREST."

I have a sister who is sueing me because she say that she has issues with me handling the property.  She is very uncoorporative and will not agree on anything.  There are 4 beneficary in this Land Trust and the one sister that is sueing me has not particiapted in any of the responsiblities of property. I have been taking care of the building which a 2 flat rental and handling all the bill and any necessary things that need to be done along with my other two sistes and she refuses to help out at all. Can I give my interest to my other sister and what do I need to do. The Land Trust is with Chicago Title Company.YES, YOU CAN GIVE YOUR INTEREST TO WHOMEVER YOU PLEASE. HOWEVER, IF THE INTEREST IS WORTH MORE THAN 13,000 THERE COULD BE A GIFT TAX ASSOCIATED WITH THE EXCESS OVER 13,000. YOU WILL NEED TO NOTIFY CHICAGO TITLE (IF THEY ARE YOUR TRUSTEE) OF THIS CHANGE.


Thank you KC

Darlene Hokr

Randy Hughes
866-696-7347

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