Posted by colvegas on November 09, 2006 at 18:04:25:
Tommy,
To my understanding you can do a 1031 while the property is in a land trust and you are correct your beneficial interest is classfied as personalty NOT realty, so in effect you will qualify for the 1031 exchange exemption.
I would get with a 1031 expert or company that deals with them to see if there are any issues you need to be aware of.
I do not think having multiple beneficiaries would be a problem but once again ask the 1031 experts on that.
I will say having yourself in the role of the trustee and being a beneficiary can in some instances invalidate your trust so be careful there it is called a doctrine of merger and you trust can be seen as an invalid or dry trust… for a short term hold it may be ok but anyting over 2 yrs I would not do it just my take on things…
If I can help feel free to call me cell is 702-400-7632
This would not happen to be Tom Martin is it…?? just checking… since I know you deal with trusts if so Tommy give me a ring and lets do some deals this time out ok…It’s Colin in Arizona… if not disregard …