Info Needed:Impermeable Land Trust
Hi All:
Need to know any pitfalls the board knows of related to purchasing property with an Impermeable Land Trust. I am told one can assume payments and equity using this type of trust, but do not know the in's and out's prior to getting a real estate attorney involved. Thanks in advance! craiggans
"Impermeable"? Sorry, this won't hold water
& I' ve never heard or seen the term used in re trusts before.
You likely mean irrevocable, which is a type of trust that is executed by A, for benefit of B, with trustee C...and this trust, like any other, can hold title to any kind of property.
Revocable Trust can too, but it's real main use is anonymity and it really doesn't come of age & maturity until death of Trustor, when it too generally becomes IRrevocable & usually unassailable by creditors of beneficiaries.
Suggest you'd benefit greatly from buying and studying one of the courses or manuals on trusts.
Bill Bronchik's course on trusts is for sale here I believe, and no doubt BB does know the topic and it's a good primer on the subject.
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Avoid Irrevocable trusts unless you have a compelling reason to use this form of trust. This trust is inflexible and may produce unwanted tax consequences. I only use this form of trust for asset protection and to lock a plan in place.
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