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Loren, Attorney
Category: Business Law
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Experience:  30 years experience representing clients .
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In a previous response you mentioned that there was a window

Resolved Question:

In a previous response you mentioned that there was a window of time when transfer taxes could be avoided by placing real property in an IL Land trust when gifting or selling the beneficial interest in the trust property. Was that the only kind of tax grantors of land trust proprty attempted to avoid, or did it include real estate and even income tax?
Submitted: 6 years ago.
Category: Business Law
Expert:  Loren replied 6 years ago.
What I was referring to was a loophole in the law which only required transfer stamps for the conveyance of a real property interest. The loophole was that the beneficial interest of a land trust is considered personal, not real property. After a few years they amended the law to include real property AND the transfer of a beneficial interest in a land trust. Real estate and income tax issues are not affected by the land trust.
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