Question: Land Trust for personal residence? HELP! - Posted by John(FL)
Posted by John(FL) on September 10, 2003 at 10:32:35:
No response yesterday, so I’m trying again today:
My wife and I live in our primiary residence, which is a nice home in a nice neighborhood here in south FL. I bought the home prior to our getting married. My wife and I have occupied the home together for the entire time we’ve owned it. It is in all sense of the words “our home” in both our eyes and the state of FL, if I’m not mistaken.
We are in our late 40’s, early 50’s, and I recently got into REI. I haven’t done any deals yet, but have my business structure set up and marketing tools set up and have learned enough to know that land trusts can be a powerful tool in protecting real estate assets.
My wife had a bankruptcy not long ago that she recently put to bed using a BK attorney (while we were married) regarding a car she co-signed with her daughter that got totalled and some other personal debt. At the time that went down I was quite thankful the house was listed in only my name, as I thought we could have very well been skewered over that. Somehow, as far as the house is concerned, we survived that unscathed.
She would now like to be added to the title of the property. I have no problem with this. My wife does not fully understand land trusts (does anyone??), and thinks that simply placing the house in both our names will solve the problem. I want to do the right thing in the right way to both shield our home as an asset and provide us with the best financial rewards for the long term.
Trying to leave emotion out of the equation, my questions/concerns are these:
- How can we get this done to give us the best setup for our future?
- Is a land trust the answer?
- Is there any valid reason or concern to cause us to decide to “do nothing”?
Thanks in advance for any help.