I don't know about KS. I bought my properties in TX via a Land Trust. The thing with a Land trust is you have to set it up before you buy the property because the point is to keep YOUR name off the record. What it does is place a dif name than yours as the owner, and your name as the beneficiary of the trust. You create a name for the trust (a dif name for ea Property) best use is the name of the street (e.g. 123 Main St Trust, 410 Garden Rd Trust). The title co puts this trust-name on all the documentation at the closing table and that is the name recorded as the owner of the property. The name of the beneficary never gets recorded. Anyone looking upthe address of the property only gets exactly what they already know. But it also means you cannot call yourself the property owner--just the property manager--but that's OK because you ARE the property mgr.
I have done this is TX since 08/09 so I'm not sure with all the TX changes that you an still do this--but at the time it was a boon to investers who didn't want their name connected to the property. THAT is what a Land Trust does--it puts a name other than yours on the records, but leaves you as the manager of the property. In control but incognito. Keeps nosey-parkers looking for you (enemies, litigants, former tenants with a grudge,etc) will not find YOU. They will find a blind entity with no clue to who owns the property.
And it only works if you set it up BEFORE you buy the property. Its no use at all to turn a property already owned and recorded into a land trust. It has nothing to do with putting the income of the property into an entity for a child. It does not get you any tax relief. Just keeps your personal info off the public record.
--108.87.xx.xxx
landtrust (by connie [KS]) Dec 8, 2016 3:31 PM
landtrust (by plenty [MO]) Dec 8, 2016 4:45 PM