Transferring Assets from Trust

You may want to transfer your assets from your trust or from an LLC owned, directly or through your holding company.

Residential Rentals and Commercial Real Estate. These may be transferred out of your trust or operating LLC using a warranty deed. Many people recommend quit claim deeds, but the use of this type of deed will cut off your title insurance protection and possibly cause difficulties in the sale of the property at a later date. The best source for transferring real estate is your local title insurance company or a local attorney who is able to file deeds electronically in the state in which the property is located.

LLCs, Corporations, Partnerships and Other Business Entities. These assets may be transferred from your trust or LLC using a brief form available for free on our web site and noting the transfer on the membership interest records of the business entity.

Bank Accounts, Investment Accounts and Stocks. These assets may be transferred by contacting the financial institution holding the account and providing the information they need to complete the transfer.

Vehicles. These may be transferred out by negotiating your certificate of title and registering the change of ownership with your local Department of Motor Vehicles. Before you do this, you should contact your insurance agent directly to inform him or her of the transfer and the results to you in making the transfer.

Personal Property. These assets may be transferred out using a brief form available for free on our web site.

IRAs; Pension Funds; and other Tax Deferred Accounts. These cannot be transferred into a trust, but you can designate the trust or an LLC under the trust as the beneficiary after your spouse and you die. Before you do this, you need to consult with your tax adviser to determine the best course of action as this area of the tax law depends on your personal situation.

Personal Residence. The transfer of these are accomplished by contacting your financial institution and filing the forms they require. Before you do this, you need to consult with your tax adviser to determine the best course of action as this area of the tax law depends on your personal situation.

Patents, Trademarks, Tradenames. You must contact the government agency they are registered with and file the forms they require.

Thank you and good luck in your efforts.

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Cloud Peak Law Group, P.C.

1309 Coffeen Ave Sheridan, WY 82801