land trusts (by Kim [AR]) Sep 2, 2008 4:14 PM
land trusts (by Natalie [CA]) Sep 2, 2008 4:20 PM
land trusts (by Quackers [AR]) Sep 2, 2008 5:58 PM
land trusts (by James [MA]) Sep 2, 2008 6:07 PM
land trusts (by Kim [AR]) Posted on: Sep 2, 2008 4:14 PM Message:
State Specific Question About: ARKANSAS (AR)
Does anyone have any ideas about land trusts versus LLC's? I have several rental properties and want to find a way to protect them. Apparently, I have a clause in the mortgages that say the note is due upon transfer. It was suggested to me that I put the properties into land trusts instead. Where can I find out more information about this and any other options I might have? --76.196.xxx.x |
land trusts (by Natalie [CA]) Posted on: Sep 2, 2008 4:20 PM Message:
Look at the post right below yours "Asset protection". --71.202.xxx.xx |
land trusts (by Quackers [AR]) Posted on: Sep 2, 2008 5:58 PM Message:
Kim, where are you in Arkansas? We have a strong state LL association that can refer you to local experts. I'm in Little Rock.
I have a single-member LLC that uses my SSN as the taxpayer ID. In a number of states, it is not a good way to protect assets, but under Arkansas law it is acceptable. I've never had a problem with the bank when I transferred title... technically it's a sale, since I guarantee the loan under my own SSN... and since the payments have been made on time... the bank hasn't objected.
But for CYA, I also have a $1M umbrella policy. --75.62.xxx.xx |
land trusts (by James [MA]) Posted on: Sep 2, 2008 6:07 PM Message:
Trusts and LLCs are two completely different entities. Trust are for estate planning and offer no protection for their assets. LLCs are for conducting business and offer limited liability under the right circumstances. Single member LLCs have the same liability protection as a sole proprietorship (i. e. none) under new case law. --70.22.xxx.xxx |
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