Q: I have a "c" domestic corporation in Nevada. The corporation purchased a real estate property in California. I'm the
only owner of this corporation. Corporation owes me under the deed of trust $350k. Can I transfer the property to my own name as a trustee of this corporation or do I have to buy it. The purchase price is not going to be a fair market value. I live in California. Can I protect the real estate property by a living trust created after the property transfers to my own name
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A:
As the sole owner of the corporation, you have the ability to transfer the property to your own name as a trustee of the corporation, but you should consult with a qualified attorney or tax professional to ensure that you are following all applicable laws and regulations.
Regarding the creation of a living trust after the property is transferred to your name, it is possible to do so, but again it is recommended to consult with a qualified attorney to ensure that the trust is properly created and structured to protect your interests. Additionally, transferring property into a trust can have tax implications, so it's important to work with a tax professional to understand any potential tax consequences.
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