Re: Illinois Land Trust- Lawyers opinion? - Posted by Tim Jensen
Posted by Tim Jensen on February 22, 2001 at 23:00:12:
Funny you should bring that up. I am going to meet with an attorney tommorow regarding Bill’s land trust. I will let you know the outcome.
I am looking at Bills trust agreement and I can see why the attorney would say what he said. I am not an attorney, however this is my opinion. The agreement puts a lot of resposibility on the trustee. However, the trustee is acting on the direction of the benificiary.
I would go and ask the attorney what specifically needs to be changed in the trust agreement. Offer to pay him to make the changes.
Finally, a trust gives zero protection, it will only hide the bene’s name. Now lets say that on the deed there was only the trust’s name and not the trustees name? Who would they contact. Next, what happens if the trusts address is in another state? Finally, what happens if the plantiff’s attorney finds out who the trustee is then he gets them in court only to find out that the bene. is actually a limited partnership where the general partner is a corporation. Get the idea. It took me about 4 years to finally understand why people use the corps and other entities even though they are a one man show. You want to make it very very difficult for anyone to get money from you. In other words, make it such a pain to get to the real owner and collect that the attorney will move onto another case where there is a deep insurance company pocket and less hassle. The path of least resistence is the most beaten path.
So, if you set your properties in a manner that makes it very difficult to collect any money. Most attorneys will pass. Think about it. You set up your properties to be a maze. Next time a tenant tell you that they are going to sue you you can tell them the courthouse is a 400 West state St. file the suit in room 201. JUST BRING IT!
E-mail me if you would like more info.