Where does anonymity come in? Isnt my name is on the public record as the beneficiary of the trust, even after I assign it to an LLC, which also has my name on public record as Beneficiary?
So the trust with the beneficial interests assigned to an LLC does not protect the house per se. The house is in the land trust. Its revocable so if someone sues, they can take control of the land trust and get the house, but the LLC will prevent you from being personally liable. Is that correct?
So this strategy explained by Clint protects against liabilities but does not serve as an anonymity protection. Where does the anonymity protection come in play?
If your not really exchanging any money per say then why would it be a taxable event. Seems like it muddying and making it more difficult than it needs to be by making yourself the trust beneficiary at first and how would the state even know if you were the beneficiary of the trust or not.
Hi Clint, I am buying a property without loan and my land trust will be the owner of the property. Can a title company transfer from the seller which is the 3rd party to my land trust straight? like this MR SELLER hereby GRANT(s) to JOHN, as Trustee of The ABC Trust, dated February 03, 2020
we need to make a video game like factorio where each legal entity has to fit together in a certain way, like if you assign the wrong beneficiary to your trust you can visually see why it's wrong and have to redo the "machine"
A Ga LLC owns 10 Ga rental properties with properties managed by a Ga property management company and the Ga LLC is owned by a WY holding company. Would there be any issue with the properties being transferred to a FL land trust?
Very informative. At 3:56 you say the liability flows into the LLC when in fact the LLC is just a beneficiary. Why is that. Is that because indirectly the beneficiary (members) and the grantor are indeed the same person(s). Would the liability not exist if the beneficiary is a minor for example? Thx
@@ClintCoons Got it! Thanks. I guess that is why Land Trusts dont offer protection. However for a standard Irrevocable Grantor Trust where the 3 parties are different, the liability will not pass through to beneficiary, and stays within the trust. Correct me if I am wrong. Thx
Scenario: I own multiple rentals and 1 homesteaded home in Texas and I want to hide my assets and protect them from anyone who might be sue happy. Plan:. Set up a land trust, but is each property separate, set up the LLC and then assign my stuff over? Also, can the wife be the trustee on the land trust? We're married in California under the private marriage option so only a subpoena could show were married, we've never filed taxes together and she didn't take my last name.
In Texas with the homestead laws, it is a bit more complicated. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession
Great Video! Can the grantor assign his beneficial interest to an LLC, even if the manager and/or member of such LLC is not the grantor himself? Also, would the property's insurance company have any issues with this type of transfer, since the grantor does not have a beneficial interest and is not a member of the LLC? Thank you!
You can assign your interest to any entity. The member/manager of the entity does not have an impact on the assignment but you may have tax or transfer tax issues depending on your state. The insurer should have the trust as the named insured with the LLC as the additional insured.
Clint once again fantastic info! Question about the trustee resignation, if I wanted to appoint my llc as the trustee would I still need to resign upon the transfer into the LT? Also upon resignation would the llc or appointed trustee need to file a trustee deed at the county? Thanks!
No because the land trusts do not offer asset protection so essentially you end up with one LLC holding all of your real estate in the event of a lawsuit.
so after my land trust agreement is stored into my filing cabinet at home where nobody can see it, with my name (grantor) as beneficiary before I assigned my beneficiary interest to my LLC. so the next day somebody slips and falls at my rental properties and then they sue the trust. so the judge then decides to pierce the land trust to find out who the beneficiary is.... does somebody show up at my front door and demands the land trust agreement that I hold in my filing cabinet at home? and then he found out it has my name on it before I assigned beneficial interest to my LLC? so why wouldn’t they just sue me personally then?
The Plaintiff will request through discovery a copy of the trust and discover the beneficiary, I.e., assignment of interest to the LLC. Could they name you - absolutely and this is why people should never represent themselves in a lawsuit.
Just wondering, Instead of yourself directly as beneficiary, can you add a personal property trust as the initial beneficiary? Or would you add yourself first and then assign interest to Personal Property trust?
You would be the initial member of your land trust. Frankly I don't see the benefit of a PPT when using a land trust. Just assign your land trust to an LLC for asset protection.
@@Tommy06289 The grantee does not sign the deed only the grantor. For example, if Bob is transferring property to Kevin as Trustee of the 124 Trust, on the deed the only person signing will be Bob.
Hello, If I want to be Beneficiary of my Land Trust myself to control 100% everything by myself only and my wife and kids name listed in the land trust if something happens to me. I like to set it up so the kids and my wife become beneficiaries upon the death, and they don't get slammed with a tax bill. What position i can give them?
What if I want them to be added to the land trust. Should I add them as a successor beneficiary or secondary Beneficiary? In his way I still 100% Percentage of Interest in the land trust?
@@andylee9973 Yes you could draft it that way. I would recommend against it given that a living trust has more protections built in for your beneficiaries.
The Business Guy 1 day ago Can only me notarize the land trust without my wife notarizing, since she will be primary beneficiary and my kid's secondary beneficiary@@ClintCoons
Every lawyer I have been to say they. Cant help me . because it been a 11 year mom been done, but the only real document I have is Father deed of trust. And my cousin quiclamdeed is had a different. Land number is not the same as Father deed what can I do?
isabel Loveme I’m assuming that English isn’t your first language (I mean no offense). I kindly advise you to find a translator who can descriptively write down your full situation, at which time you & the translator should visit a legal office to pursue further help. Hold onto that Deed Momma & don’t let anyone take it from you or convince you to sign anything you don’t fully understand. God bless.
