Forming An S Corp To Hold Title
I've been advised to form an S corp to hold title to a property I own, and am in the process of paying an attorney to do so. I've owned the property for 12 years, and it is a rental in California.
I spoke with the attorney who set up my trust today, and asked about transferring the title from the trust to the corp and then the shares of the corp back to the trust.
The attorney said this is all possible, and is a good idea for liability protection, but that I need to consider the possibility of the tax assessor re-assessing the value of my property as I make this little shift in title.
I immediately called the assessor's office and learned that it wasn't a problem if I am the sole owner of the title now and if I will be the sole officer of the corp. The assessed value of the property will not be reconsidered.
But this little surprise has been bugging me all day. Might there be other little surprises like this along the way?
So I thought of this forum, and whether anyone here might know of other issues I could consider before forging aheead with this plan.
So - are there any other issues I need to consider as I prepare to take title to the property through an S corp? 
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