As per ICE's posting, the perfect trustee to a land trust or personal property trust is an out of state LLC. The LLC will not die as a man/woman can. Signing rights can be issued at any time for the LLC as such, you can set up a land trust, with a new mexico (best, I think) LLC, as trustee, where the LLC's managing member is a business trust, where the managing member business trust gives you beneficial interest.
You are so far off the radar screen, no overworked attorney/theif is ever going to find you UNLESS you reveal your structure. Since your trustee is out of state, the trustee is in a foreign jurisdiction and you cannot compel your trustee to come to court. Too bad.
If you understand, you can benefit from the following statement: "Ever since my wife and I saw what happened to Terri Shivo (?spelling), we thought it necessary to have a living trust.
Your trusts should OWN everything. Next question, "do you have beneficial interest in any trusts"?. A: Yes, my wife's living trust. Most often response by the opposing attorney, "oh, that doesn't count". You remain in honour and preserve your integrity.
Each real estate deal has its OWN land trust. Do not place all your property in one trust. That is about the stupidest idea I have ever heard. Yet attorney's are pushing this idea. Think about it, if someone gets hurt on one of your properties, they will sue the trust that owns the property, except that when the assets of the trust are revealed, WOW, some attorney is going to get rich.
Trusts are sooo easy. Make one for each property. That way the only asset at risk is the asset owned by the trust being sued.
Note: Write your insurance company and get them to retitle your insurance to the property management firm that manages the trust property, or retitle in the name of the trust. Have insurance for EACH property. Do NOT get an umbrella. That is like locking the front door and leaving the back door wide open. The attorney is going to check the insurance.
If you feel you have debt and want to continue paying the rent, as you are a tenant (check the deed) you can also let the loan servicer know the house is in trust. There is nothing the loan servicer can do about the trust, you can place the property into trust per federal law.
OWN nothing! Control as much as you can. If you own nothing, the control of the assets YOU control can be passed to your children, tax free. If you are so inclined to pay taxes. As the OWNERSHIP never changes, as the trust has not been executed, only beneficial interest changes.
Also NEVER sign your name to a recordable document again. You should always sign, "name, as agent for LLC, as trustee and not individually, without recourse" Of course, noone should be able to read your mark.
I hope this helps.
Quote:
|
Originally Posted by HenryBowman
If there is a mortgage on the property, you can still transfer it into a land trust, per the Garn-St Germain Depository Institutions Act of 1982.
Transferring it into a trust would protect you from revealing any transfer of beneficial interest. You can sell the beneficial interest and no one has knowledge of it. The Trust can still own the property, and your interest can be sold.
|
Linear Mode
