Corp Trustee And Benerficary

Comments(8)

• 
  Lufos8th December, 2003

  Yes.
  
  May I ask why? Saving money? Be careful not to cause a Mell of Title.
  
  
  Cheers Lucius

• 
  nebulousd8th December, 2003

  [ Edited by nebulousd on Date 12/08/2003 ]

• 
  DerrickAli8th December, 2003

  CHECK YOUR STATE'S REQUIREMENTS!!!
  
  Corporate Trustees have a different Qualifying measue by States.
  
  BONDING
  INSURANCE
  A$$ETS (At least a Few Hundred Thousand)
  and REPORTING + AUDITING EXPENSES
  
  NOT TO MENTION --INHOUSE LEGAL STAFF
  
  Are you really ready for all of this?
  
  For my long-term Holdings I'd use a Third-Party Not-For-Profit Corp that specalizes in Trust services or one of the old-liners lik:
  
  Chicago Title and Trust.
  
  Ask around in your local area interview Banks that offer this service...If yu should need help PM me.
  
  The Trustee service fees should AVG. around a couple hundred a year and/or 0.01 percent of the property appraisal.
  
  
  Hope this helps!
  
  Derrick

• 
  InActive_Account8th December, 2003

  Some states allow a corporation to act as Trustee and some require more stringent requirements. Check with you Secretary of State.

• 
  reibyme8th December, 2003

  Quote:
  On 2003-12-08 10:13, DerrickAli wrote:
  CHECK YOUR STATE'S REQUIREMENTS!!!
  
  Corporate Trustees have a different Qualifying measue by States.
  
  BONDING
  INSURANCE
  A$$ETS (At least a Few Hundred Thousand)
  and REPORTING + AUDITING EXPENSES
  
  NOT TO MENTION --INHOUSE LEGAL STAFF
  
  Are you really ready for all of this?
  
  For my long-term Holdings I'd use a Third-Party Not-For-Profit Corp that specalizes in Trust services or one of the old-liners lik:
  
  Chicago Title and Trust.
  
  Ask around in your local area interview Banks that offer this service...If yu should need help PM me.
  
  The Trustee service fees should AVG. around a couple hundred a year and/or 0.01 percent of the property appraisal.
  
  
  Hope this helps!
  
  Derrick <IMG SRC="images/forum/smilies/icon_biggrin.gif">
  Ali, ron lengrad in his cash flow lesson, he stated that he uses his LLC for truste in his land trust.

• 
  DerrickAli9th December, 2003

  REIB:
  
  No Argument with RL's suggestion ...
  
  However the Original Poster Asked:
  
  Quote:"Can i name my corp trustee of a land trust that im the beneficiary in?"
  
  Although I am not certain if their are a feww State Requied Limitations on LLC Trustees???
  
  If RL says do it this way then I'd still suggest counsel with a weel-versed Estate-Planning Atty. FIRST!!!
  
  
  Happy Investing!
  
  Derrick Ali

• 
  ThomasStanden16th December, 2003

  Our company is a California non-profit mutual benefit corporation formed specifically to be a trustee for land trusts
  
  Equity Holding Corporation
  P.O. Box 87
  Midpines, CA 95345
  
  **Please See My Profile**

• 
  ffpataters1st January, 2004

  Thomas,
  what does your corp charge annually?