Posted by Bill Gatten on April 09, 1999 at 18:03:07:
I thought I had answered this, but everytime I try to click on what I thought I wrote to you, I get a note by JHyre that has nothing do with the thread. So here goes again.
In a land trust, the Trustee holds BOTH legal and equitable title, although the tax benefits flow to the beneficiaries. The IRS looks “through” a land trust, and treats the beneficiaries as owners of Realty, even though the courts treat such ownership as Personalty.
To be a trustee in a land trust gives you nothing except the right to hold the title (without any of the benefits of Fee-Simple Real Estate Ownership) and the right to sell the property (at the direction of the beneficiaries, or in the event of a default by the beneficiaries in their obligation to you or to the property)… that’s all.
Ziz clear it all up?
(Gawd! I’m getting accused of being too complicated by everyone… I try to tell folks the time, and end up teaching them how to build a clock. Sorry–will do better in the future)?