Posted by Ben on May 13, 1999 at 21:29:30:
Go to legalwiz.com. All your questions will be answered.
Land Trusts - Posted by Scott Hearne
Posted by Scott Hearne on May 13, 1999 at 17:19:48:
I’m a newbie about to begin looking at properties and trying to work some deals. I am going to be flipping houses(hopefully). I am wondering about what type of legal structure I should purchase properties under to limit my liability. I have read several things that suggest that I should put them in a land trust. Is this the right legal structure? I’ve thought about incorporating but am scared about all of the accounting hassles. Regarding land trusts, briefly, how are these put together? Do I have to have an attorney involved and what should his involvement be? I would really appreciate feedback. Thanks
Re: Land Trusts - Posted by Frank WI
Posted by Frank WI on May 20, 1999 at 16:05:49:
I a newbie and looking forward to learning a lot about REI, but for my first lesson, could someone answer a dumb question for me?
Is a Land Contract the same as a Land Trust? If not, what is the difference?
Thank you in advance for your education!
Re: Land Trusts - Posted by Bill Gatten
Posted by Bill Gatten on May 18, 1999 at 16:10:07:
The trust should be established and vested with the property following your taking possession of it.
A single beneficiary land trust (e.g., you and your wife, or your LLC) will not protect you from judgement creditors, and will not protect your property…UNLESS you have formally named a remainder agent or co-beneficiary (preferably unrelated). In that event the non-partitionability of Personalty (your ownership converts from “real” to “personal” property) will protect your property (virtually completely).
Bill Gatten
Re: Land Trusts - Posted by Rob FL
Posted by Rob FL on May 14, 1999 at 12:33:45:
Revocable land trusts will not protect the beneficiaries from lawsuits for the mostpart. If you truly want protection, you need to form a legal entity designed to do that (ie corporation, limited partnertship, LLC). Land trusts are designed mainly for privacy and for an agreement between the parties involved, not for limiting liability.