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Updated 7 months ago,

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3
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1
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Tina Lee
1
Votes |
3
Posts

WY statutory trust for exemption of CA franchise tax

Tina Lee
Posted

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!

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