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<div class="p1"> </div>
<div class="p1">I would like input/assistance regarding whether there are negative consequences </div>
<div class="p1">(tax or otherwise) if a 501(c)(3) entity (which is an LLC) (“Entity”) transfers its real property</div>
<div class="p1">to the Executive Director personally (the Exec. Director and her now deceased husband </div>
<div class="p1">were the ones who initially put the real property into the LLC).</div>
<div class="p1"> </div>
<div class="p1">The real property taxes are “eating her up” with recent assessments, and she’s been told</div>
<div class="p1">that if she transfers the property into her name, personally, then, because of her limited income,</div>
<div class="p1">she’d be entitled to a substantial reduction in her annual property taxes.</div>
<div class="p1"> </div>
<div class="p1">Any thoughts, pitfalls to be aware of?</div>
<div class="p1"> </div>
<div class="p1">Thank you in advance for your assistance,</div>
<div class="p1">Larry </div>
<div class="p2"> </div>
<div class="p2"> </div>
<div class="p1"><span class="s1">LARRY A. JOHNSTONE, ATTORNEY AT LAW, PLLC</span></div>
<div class="p1"><span class="s1">Waterfront Park Building</span></div>
<div class="p1"><span class="s1">144 Railroad Avenue, Suite 203</span></div>
<div class="p1"><span class="s1">Edmonds, WA 98020</span></div>
<div class="p1"><span class="s1">Phone: (425) 774-LAWS (-5297)</span></div>
<div class="p1">Email: <a href="mailto:LAJ-LAWS@juno.com">LAJ-LAWS@juno.com</a> (Best way to reach our Office)</div>
<div class="p1"><span class="s1"> </span></div>
<div class="p2"> </div>
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