Posted by Jo on August 09, 2003 at 19:08:36:
Also, I would recommend against naming the trust after the address of the property. Some experts suggest this as a way to track what is in each trust. However this also allows public record searchers to find name of the trust easily. Just my 1.5 cents and NOT legal or tax or professional advice.
Land Trust/Trustee ? - Posted by Paul
Posted by Paul on August 09, 2003 at 12:52:23:
If I buy a property and name the trust the “1541 South D. Street trust”, can I then be my own trustee on the deed, or will that circumvent the benefit (privacy ) of the land trust in the first place?
Would it be better to use distant family member as, say, Brother-in-law?
Thanks,
Paul
Never be your own trustee. - NTXT - Posted by Brent_IL
Posted by Brent_IL on August 09, 2003 at 15:35:19:
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Re: Land Trust/Trustee ? - Posted by sheldon
Posted by sheldon on August 09, 2003 at 13:06:18:
Some states you can and some you cannot be your own trustee. Check with your local attny for your state’s laws. Belt and suspenders protection :)) would be to not be your own trustee. Have someone you trust preferrably with a different last name be your trustee so that no one can question the “arms length” separation you have with the trust. The whole purpose of the trust is to isolate your risk and minimize your exposure. Naming yourself as trustee could compromise this position and expose you to many unwanted results. Suggestions would be a father in law, family memeber with a different last name, or a long time friend you can trust.
Hope that helps.