Legal Question in Real Estate Law in New York

Living Trust or Land Trust

Can a house in Long Island New York valued at $300,000 be deeded to a Living or Land Trust? Are there any statutes that need to be taken into account? Thank you.


Asked on 9/15/03, 7:05 pm

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: Living Trust or Land Trust

Yes, it can.

However, if the trustee or beneficiary is not the owner, there may be gift tax implications.

What is the purpose of the transfer? You probably should consult an estate planner if the transfer is to avoid probate or estate taxes.

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Answered on 9/16/03, 5:06 pm


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