Posted by WAREIA on September 13, 2004 at 10:39:04:
I don’t recommend that you ever do a Land Trust by yourself. Some of the best attorneys don’t even do them correctly.
The “original” name of Land Trust is not Illinois Trust. Chicago Land and Title created some of the first Land Trusts for use in the United States. They were fashioned after the Massachusetts Business Trust of Kennedy fame.
Some of the first Land Trusts in the US created by Chicago Land and Title were for Henry Ford and Al Capone and were referred to and became known as an “Illinois Land Trust” or in some circles “The Capone or Mafia Trust” becasue of their ability to hide and selter Real Assets.
Because of the way Capone used them IRS regulation was created limiting the time with which Real Property could be placed in such a Title Holding Land Trust.
Using a Title Holding “Illinois Type” Land Trust you can mimick vurtually any and all types of Seller Assisted Financing without most if not all of the hidden dangers of Seller Financing Arrangments.
Pick the source of your Trusts carefully. The organization I have used for over 200 transactions has a long and exceptional history of support and service.
Good Luck and Successful Investing!