Land Trust
Good Day Everyone!
I would like to know step by step how to put title to my properties in a LAND TRUST. Can someone who has done this, guide me step by step?
Thanks.
Good Day Everyone!
I would like to know step by step how to put title to my properties in a LAND TRUST. Can someone who has done this, guide me step by step?
Thanks.
What is the purpose of the trust? How you go about it differs depending on the outcome you are looking for.
Chris
The mechanics of a Land Trust are simple.
You find the Boilerplate Trust documents.... either from an attorney or from public records.... and modify them to fit your circumstance.
Now the hard part. Most Trust situations are set up so the beneficiary can remain anonymous in public records. So, you have to appoint a Trustee (other than yourself in order to remain anonymous) who you trust to act on behalf of the beneficiary... You.
I would suggest when you get the Trustee to sign the "acceptance" form, you also get an undated "resignation" form signed in case things do not work out.
[addsig]
Chris,
To take this to the next level. Let me ask you if this is possible.
1. I setup land trust for my building.
2. The beneficiary of that land trust is a LLP (owned by my son)
3. The general partner controls the LLP.
4. The general partner is an LLC
5. The LLC is me.
Every LLC and LLP registered in Nevada and Wyoming
Great insurance coverage everywhere.
Seen anything like this? I think this is as bullet proof as possible for taxes, control, liability, and safety.
That is way beyond the complexity of anything I have done.
Since these entities are going to need a sound legal structure in any case, I would say it is time to run this by a few attornies who offer a free initial consultation and get a spectrum of opinion as to the advisibility of the overall structuring of this plan.
Then share what you have learned with the rest of us...
Chris
you might look at that structure.
In CA LLP can only be used by lawyers and CPAs. Are you using a LP?
Also I would be suspisicous of have you (an LLC) being the gP.
I think someone needs to take a business entities 101 class.
A Trust is a valid entity, can be issued a EIN/TIN, may need to file a tax return/pay taxes.
Most title people are clueless of this fact.
I have several properties and options owned, in trusts.
My apologies to NewKidInTown3 and JohnMerchant... I misread the author of the post and my prior post was out of context. See also FNMA guide which allows certain related party transfers consistent with your list above. https://www.efanniemae.com/sf/guides/ssg/relatedservicinginfo/pdf/transowner.pdf