Posted by Bud Branstetter on August 02, 2001 at 22:02:11:
Why not create a co-beneficiary trust with your Nevada LLC. Use that tax ID for recording.
It sounds improper but then I don’t know your laws.
WANTED: Alive! Alias:Trustee - Posted by gwtx
Posted by gwtx on August 02, 2001 at 13:15:20:
Hi Ya’ll,
I have some properties that I will be closing soon. I want to put them into individual trusts. I would like to utilize an out-of-state trustee.
The state line is fairly close to an adjoining state.
Could I get a Post Office box in adjoining state in my wife’s maiden name. Then use her (and maiden name) as our trustee.
We also plan on naming each trust under the address of each property first w/ trustee following.
Is there a problem doing this? Sure would like to find out before we do something wrong.
Thanks in advance for your input.
gary
Re: WANTED: Alive! Alias:Trustee - Posted by Bill Gatten
Posted by Bill Gatten on August 02, 2001 at 21:03:58:
Gary there is a company California that will hold title to simple land trusts for anyone in the U.S. They charge $12.00 per-month per property ($144 in advance) and an affiliate of theirs will even complete the trust documents for you for about $150.
If you click on just the right banner ad above you might find out who it is. If something with the term “trust” in its name or product doesn’t come up, just hit “Refresh” until it does…each click of the refresh button gives you a new banner ad.
Bill Gatten
other trust issues- ARGH! - Posted by Anne-ND
Posted by Anne-ND on August 02, 2001 at 15:13:30:
Hi Gary,
I don’t know whether you can do as you propose, but I wanted to comment on the way you will be naming your trusts. This varies state-to-state. In my state we MUST record the trust with the trustee’s name first when the title is recorded, and then can file a request to change the name of the trust. I just found this out.
I would love to see a discussion on this board about how people are handling their trusts. We have had to get tax ID#s for all of our trusts and LLPs in which we own property. In getting the tax ID#s we have had to reveal our beneficial interest in the trust- negating the purpose of the trust. In addition, it has been suggested that each trust has a separate insurance policy for liability, as well as the policy on the house. So for us, buying property in a trust could potentially turn into a financial and organizational nightmare, with little benefit to us. Each of these entities has to file a seperate return.
I do believe there is a way out of this, I’m trying to educate our CPA and attorney, both of whom are pretty sharp. But as I say, this is taking way too much of my time right now. Is it possible that everyone out there using trusts is doing it this way? I sure hope not.
Thanks for any light that can be shed on this.
Anne
PS- yes, we have all of Bronchick’s materials, and I’ll be spending the next few days re-reading them. What I’m trying to figure out is whether these problems are specific to my state.
bill you made me LMAO - Posted by Todd W(CO)
Posted by Todd W(CO) on August 03, 2001 at 01:05:44:
cute!!! I love it!!
Re: other trust issues- ARGH! - Posted by Jim FL
Posted by Jim FL on August 03, 2001 at 24:46:19:
Anne,
I am just curious, and perhaps even reading your post wrong, as well as the responses below, but…
In your response below you said;
"In MN to record a land trust, one must have some kind of ID#, either the trustee’s SSN or a tax ID# for the trust. I ended up having to provide my SSN to get the tax ID#, thus revealing an interest in the trust. "
Why would you be recording the Trust itself, and not just a deed placing the home into a trust?
Does MN law make you HAVE to record the trust as well as the deed? (I only have to record the deed, placing the home into the trust, not both.)
What am I missing here?
Whether or not this is state specific, it just seems fishy to me that a trust needs a Tax ID # itself, since the trust allows the beneficial interest to have all the tax advantages, just as if the trust were not in place at all, and the ben. int. was on the deed themselves. The purpose of the trust to me, is to “Hide” who actually owns the property, just to name the main reason for me anyway.
Thanks for any clarity you may bring.
Have a great day,
Jim FL
Re: other trust issues- ARGH! - Posted by Tom – IN
Posted by Tom – IN on August 02, 2001 at 20:10:36:
Anne, I’m not a trust expert, but sounds to me like someone is feeding you a bunch of malarkey. As far as I know, there is no reason for a trust to have a tax id#. I think that many times the recorder’s office will require to do certain things, because THEY want to see what’s going on. But there is usually no legal basis for what they are saying. They are trying to bluff you into circumventing the whole purpose of the trust.
What State are you in, Anne? (nt) - Posted by Douglas
Posted by Douglas on August 02, 2001 at 19:03:20:
…
Re: other trust issues- ARGH! - Posted by Anne-ND
Posted by Anne-ND on August 02, 2001 at 21:03:33:
Hi Tom,
In MN to record a land trust, one must have some kind of ID#, either the trustee’s SSN or a tax ID# for the trust. I ended up having to provide my SSN to get the tax ID#, thus revealing an interest in the trust.
I posted about this about 2 months ago. Haven’t yet received an answer from Bronchick, but am hoping to follow up on this with him.
Thanks for your response.
Anne