[WSBARP] Thoughts from the List Serve

[laj-laws at juno.com]

 I  would like input/assistance regarding whether there are negative consequences (tax or otherwise) if a 501(c)(3) entity (which is an LLC) (“Entity”) transfers its real propertyto the Executive Director personally (the Exec. Director and her now deceased husband were the ones who initially put the real property into the LLC). The real property taxes are “eating her up” with recent assessments, and she’s been toldthat if she transfers the property into her name, personally, then, because of her limited income,she’d be entitled to a substantial reduction in her annual property taxes. Any thoughts, pitfalls to be aware of? Thank you in advance for your assistance,Larry   LARRY A. JOHNSTONE, ATTORNEY AT LAW, PLLCWaterfront Park Building144 Railroad Avenue, Suite 203Edmonds, WA 98020Phone: (425) 774-LAWS (-5297)Email: LAJ-LAWS at juno.com (Best way to reach our Office)  THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.If the reader of this message is not the intended recipient,  or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, forwarding, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by email or telephone, and delete the original message immediately.
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