This Works for Me … - Posted by Rick W.
Posted by Rick W. on March 08, 2000 at 04:15:00:
I have my Corporation be the Trustee, with myself, or myself and my Corporation together (2 separate entities), being the beneficiaries. This way, I can sign as General Manager of the corporation any time it is necessary.
It really depends on the priorities you are placing in the Trust. Is your primary concern privacy, ease of transfer, protection from liability, or some other benefit the Trust can provide??
If your main goal is privacy, have your Attorney act as Trustee. The Attorney/Client privilege is great in this regard. He can’t be forced to divulge the details of the Trust except under extreme conditions.
If it is ease of transfer, you can be the Trustee and your Corporation, LLC, Limited Partnership, etc. can be the Beneficiary. You simply sign most of the documentsas an individual being the Trustee (the actual beneficiaries signatures are required very little).
If your concern is asset protection, you can add several layers into the mix, such as having a Corporation being the Trustee, with a Limited Partnership being the Beneficiary, with your Living Trust owning shares of the L. P., etc., etc.
I hope I haven’t totally confused you, but the beauty of a Land Trust is that it can be very flexible to adapt to your concerns, and there is absolutely no drawback to them.