Posted by chris on March 09, 2000 at 04:13:30:
Bronchick and Gatten are two guys who have expertise on
Land Trusts. Also, go to Amazon.com or others and pick up a copy of LAND TRUSTS IN FLORIDA by Attorney Mark Warda.
Don’t let the Florida part of the title turn you away. Most of the info is generalized.
Picking the Trustee for Your Land Trust…Suggestions? - Posted by GChung
Posted by GChung on March 08, 2000 at 02:12:07:
I haven’t figured this one out. When taking or transferring property to your land trust (with you as the beneficiary), the deed transferring title to the trust is signed by the trustee of your trust. That I understand. I’ve read that it’s recommended that I have a trusted friend/relative sign the deed as my trustee. Putting this responsibility on someone else could spell trouble. Also seems like a hassle to bring someone else to be a trustee if I’m meeting with the motivated seller with the intention of signing deed transfer papers on the spot (not to mention getting it notarized). I know I can’t be the beneficiary and the trustee at the same time. Instead, can I be the trustee of a land trust whose beneficiary is the corporation that I own? I just hate putting the responsibility and hassle of being a trustee on someone else. Any good tips/suggestions? By the way, after listening to one of the gurus on tape (I won’t say who), they sign the deed “as trustee” of their own land trust. The catch was, if he became aware of a liability lawsuit on his trust, he would re-assign the beneficiary with the appropriate dates to someone else to ensure that the beneficiary and the trustee are not the same person. Doesn’t sound quite legal, but it also seems difficult to prove otherwise since he would always have the original copy of the trust agreement (and blank assignment forms) in his filing cabinet.
Re: Picking the Trustee for Your Land Trust…Suggestions? - Posted by JPiper
Posted by JPiper on March 08, 2000 at 07:14:33:
When transferring a property to a trust, the deed is NOT signed by the trustee. Rather, it is signed by the current owner of the property…probably the seller.
The deed would only be signed by the trustee IF the property were sold by the trust via deed rather than assignment of the beneficial interest in the trust.
JPiper
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.
GOOD LUCK!!!
Rick W.
Re: Picking the Trustee for Your Land Trust…Suggestions? - Posted by Chris
Posted by Chris on March 08, 2000 at 04:10:41:
Check with an attorney. NARS will perform trustee
duties for $12 per month(paid yearly in advance).
help - Posted by tang-0-rang
Posted by tang-0-rang on March 08, 2000 at 23:07:15:
I read your post because I am interested in the subject. Can you tell me of were I can find information on and of the Land Trust, and a full description of how and why it works. Big thanks in advance
Todd Williamson(CO)
Re: help - Posted by chris
Posted by chris on March 09, 2000 at 04:44:28:
Todd-
Depending on how in depth you want to read you may want to go over to Illinois Institute of Continuing
Legal Education. They have material on Land Trusts.
There is a search function at the site. Why Illinois if you don’t live there? Illinois is the state where a lot of the legal background for Land Trusts was formed. Other states refer to Illinois for
guidance on this area.
http://www.iicle.com/index.asp
If your title company is giving you trouble with using
Land Trusts refer them to their Chicago office for instructions.
-Hope this helps, Chris