L/O and Land Trust. - Posted by Joe
Posted by Joe on July 02, 2004 at 14:49:24:
I have an investment property that I will deed into a Land Trust. Is it permissible for the Land Trust to enter into a l/o agreement with a potential t/b, or must the agreement be between two individuals? If allowed, the trustee will sign the agreement, correct? Since the purpose of the Land Trust is to shield the benficiaries. Am I correct in this thinking?
Also, can a Land Trust have more than one beneficiary, say two investing partners? If so, how do I set it up so that both beneficiaries are not entitled to the same financial benefits deriving from the rental income or proceeds from sale? For example, one is entitled to 70%, the other 30%. Must there be a written agreement between us two prior to becoming beneficiaries, or does it occur by stipulating this on the documents that ultimately entitles us to be beneficiaries? (hope that wasn’t too confusing).