Land Trust Vs. Personal Property Trust
Please let me what you think or if you have any suggestions that could help me out.
I have to register each Land trust with the secretary state of Ohio and pay a fee of $125.00 and public can see everything you own access online even your company...... I checked it out. I was thinking about having my LLC as the beneficiary and the trustee (me the investor), I have no body else that I could trust or help me out to be a trustee for my business.
I have invested in all of William Bronchick's books and he suggested to use a personal property trust because it does not have to be register with the state and its the same as a Land Trust and tax benefits, too. His books are excellent!
Hope someone replys back.
thanks.
I don't think it matters what you call the trust. Different States have different rules. Some states require any trust to be registered and some don't require any trusts to be registered.
Johnbriscoe,
The personal property trust is a trust not a name of a trust such as the "Smith Family Trust. A Personal Property Trust is the same as a Land Trust but its not register to the state etc.
Thank you for your reply back.