In this week’s edition of “Ask Ron,” Ron answers our Gold Club members’ questions on: recovery of property, land trust names, substitution of collateral, and more!
Special thanks to Tony and Angie Stewart, Robert Straker, Mona Leonard, Arturo Pietri, Brany Voochen, and Joey Marmo, for submitting these great questions this week!
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Relative to the example you cited of someone being assessed twice as much in taxes when he transferred his house owned by an LLC to a land trust, what state was that? Would that also happen in Louisiana? What if the state is a Homestead Exemption state like Louisiana where residences owned by LLC’s are already assessed a lot more in taxes each year than if the owner is a person? Would the act of putting the home from the LLC into the trust trigger even more yearly taxes?