Land Trusts vs. LLC's (by Debra [CT]) Nov 11, 2010 9:26 AM
Land Trusts vs. LLC's (by TIM [IN]) Nov 11, 2010 10:35 AM
Land Trusts vs. LLC's (by Reid [KS]) Nov 11, 2010 3:57 PM
Land Trusts vs. LLC's (by BRAD 20,000 [IN]) Nov 11, 2010 6:39 PM
Land Trusts vs. LLC's (by Lynda [TX]) Nov 12, 2010 2:10 PM
Land Trusts vs. LLC's (by Debra [CT]) Posted on: Nov 11, 2010 9:26 AM Message:
State Specific Question About: CONNECTICUT (CT) What are the pros and cons of either and/or both. It appears its best to have a land trust with a llc as first beneficiary but would that expose the llc(s) and would it be wiser to have multiple llc's for various properties --i.e. with multiple props 123 west st (LLC) and 456 west st (LLC) and so forth under one LLC ie both as an affiliation or division of 678 Associates? We're talking 10+ properties at present. Thanks in advance for your assistance.
--38.117.xxx.xxx |
Land Trusts vs. LLC's (by TIM [IN]) Posted on: Nov 11, 2010 10:35 AM Message:
KISS. Stop giving all your money to an attorney. I have came to the opinion that any good attorney can pierce a legal entity if you do one piece of paper wrong. Have a good insurance policy.
Now, if you are looking to pass wealth down to the next generation... then set up something (FLP is a great tool). --67.236.xxx.xxx |
Land Trusts vs. LLC's (by Reid [KS]) Posted on: Nov 11, 2010 3:57 PM Message:
Here is KS we have a "Transfer on death deed" so that property can pass to a family member upon your death Ct may have something like that.
As far as LLC's Go our attorney told us it was a waste of time and money. He said an Umbrella Policy was the best thing. --99.103.xxx.xxx |
Land Trusts vs. LLC's (by BRAD 20,000 [IN]) Posted on: Nov 11, 2010 6:39 PM Message:
Lumping multiple properties into one entity defeats the purpose of the entity.
If someone sues me, they might get that property, but not my own home.
Ins is always a good thing. --67.175.xx.xxx |
Land Trusts vs. LLC's (by Lynda [TX]) Posted on: Nov 12, 2010 2:10 PM Message:
You do not EVER NEED an LLC. You arrange the Land Trust BEFORE you buy the property. One sep Land Trust for each property. You tell the Title Company that the property is being purchased by the Land Trust--and you make up a name. (the best name for a Land Trust is the name of the street it's on--Main St Land Trust, Garden Road Land Trust, Swollow Way Land Trust). The title company will do all the documentation and paperwork with the seller's name and the Land Trust Name as the purchaser. None of the documentation has your name on it, and it will get RECORDED as the Land Trust name. YOU are only the beneficiary of the Trust. Beneficiaries don't get their name put onto sales contracts(just the buyer and the seller).
If anyone looks up the property in the public records they will only find the Trust name. AND if it is named after the street, they will be no wiser than they started, cause they already knew the street. As a beneficiary YOU can do all things for the propery that an owner can do. You are the property manager. The cashier's check from the bank that you hand to the title company rep only has the bank's name, the title companies name and the property address. Again YOUR name doesn't show anywhere. After that initial procedure to do it right, there are no other rules, reporting, requirements, etc like with an LLC. My last name is East Indian and sticks out like a sore thumb--but isn't seen on any public record anywhere, and I have 6 properties. --137.242.x.xx |
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