Land Trust And Family. - Posted by Sol924

import · January 17, 2001, 8:08pm

Re: To Randy…Trusts part two. - Posted by Sol924

Posted by Sol924 on January 17, 2001 at 21:08:33:

Randy,

If people don’t have to worry about problems that RE investors and businesss owners go through, why would they want to setup properties in a revocable land trust?

Also, is there an advantage to placing RE in land trusts over private ownership? Tax advantages?

I don’t see a reason since you stated that it’s possible to reveal identity of ownership of trusts.

Last, someone asked earlier whether a land trust can be used for short term RE flips and lease options or mainly used for title holding. No one answered so I’m hoping you can help.

I do agree that irrevocable trusts can be complicated, and not flexible for changes.

Where do you recommend I go for personal land trust setup. And Maybe future RE ventures.

Thanks again

Sol

import · January 17, 2001, 8:49pm

Re: To Randy…Trusts part two. - Posted by Houserookie

Posted by Houserookie on January 17, 2001 at 21:49:35:

Hi Randy and Sol,

Sol, what do you think of our MN vikings? : )

I could be wrong on this one but in MN any kind of business trust will offer both privacy and assets protection.

There is absolutely no liability to any of the trustees, benef, owners, etc…

You may want to check out the laws of MN, Sol I’m sure other states share similar advantages.

http://www.revisor.leg.state.mn.us/stats/318/02.html

I am also interested in knowing what your opinions are about the differences between revocable and irrevocable trusts.

An irrevocable trust can be setup for specific time frame. Why not just find a good trustee and terminate the trust as deem appropriate.

Houserookie