The Real Truth About Trusts..........

Comments(5)

• 
  webuyproperties1st September, 2004

  If you were a millionaire, your financial planner might suggest that you put all of your assets into a revocable trust. People do it everyday. It all depends on your assets and liabilities.
  just my 2 cents
  I realize that you may not have meant revocable trusts, though all trusts work the same way.. A bunch of paperwork to protect you

• 
  JohnMichael1st September, 2004

  Trusts are a method to protect ones assets.
  
  I hold and buy real estate used multiple forms of trust.
  
  Look at it this way when you get sued the first thing an attorney will look at is your assets if your assets are not visible the likely hood of being sued is lessened.
  
  My attorneys and accounts have developed a plan that makes my assets almost bullet proof by the use of living trust, land trust, corporations, LLC's, and the list goes on.

• 
  Gino1st September, 2004

  is it more difficult to release some equity over time by taking lines of credit or refi'ing when title is in a trust?

• 
  bgrossnickle2nd September, 2004

  I believe the general opinion is that it is more difficult to get financing when the property is held in trust or an entity. Some people swear that they get great loans for property owed by their LLC or land trust, but it is the exception. Of course if your last name is DuPont, then all bets are off. Insurance is also more difficult if the property is not held in your personal name.
  
  I think many people take title in their personal name, quick claim over to land trust or entity. Then if you want to refi, you quick claim back to your personal.
  
  Brenda

• 
  jpchapboy2nd September, 2004

  Brenda-
  Not to be a stickler but it is "quit claim"
  You "quit" your interest in a property.
  However they are quick.