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Updated 7 months ago,
WY statutory trust for exemption of CA franchise tax
I'm a WA resident and own one property in CA. Anderson Advisors has formed a WY Statutory Trust for me for my property in CA. I don't know what to do next. My property manager is still taking out Franchise tax monthly and I'm neg negative $200/month and I don't know what to show them to stop them from taking that franchise tax from my proceeds.
1) Do I have to put my property to my WY statutory trust as I do with my other state properties to their LLCs? Or does the WY statutory trust hold the property as it is? I read the agreement and my CA property is in the trust agreement.
2) I asked Anderson Advisors what I can show/do to make my property manager stop taking out CA franchise tax monthly and they told me to fill out form 590. However, on that form, there's no option for a trust as a reason for tax exemption. Anyone know how to fill the form out?
I would really appreciate any step by step instructions/guidance on this. Thanks!