Posted by MMNC on May 30, 2006 at 17:42:45:
Your questions are not so simply answered. I would suggest that you read through posts and purchase a Land Trust course in order to learn the basics and mechcanics of how they work etc.
To answer your first question…a land trust can be set up anywhere in the United States. There are however 2 states(Tennessee/Lousiana) that do not recognize what’s called the “Doctrine of Equitable conversion”, which is the legal vehicle that converts Real Property into Personal Property. You can still set up a Land trust(again…they are not illegal anywhere) They just won’t hold up in court to your benefit in Tennessee and/or Lousiana. Any other state recognizes this doctrine which in turn would allow you to be effectively protected by a land trust(Within it’s own limitations). Most people don’t know enough about them so they will tell you they don’t use em. Well…I ask…who are they? Good luck. And remember. I am not an expert or an attorney on this subject. Please ensure you seek legal advice prior to taking any action. There, now I feel better:)