Tuesday, May 23, 2017

Land Trusts

For privacy, some people set up what is called a land trust or a title holding trust, especially for real estate.

The concept is very simple. You transfer title of the property to a corporate trustee or corporation, yet you keep full control over how the property is managed. However, since the title is in the name of the corporate trustee or corporation, no one will ever know that it is yours. In all financial transactions and dealings, your personal name never comes up.

Land trusts are valid in most states and the cost to have an outside trustee administer them is very low. However, it is becoming more difficult to find a corporate trustee who is willing to act as trustee because of the liabilities associated with contaminated property.

This information is designed to provide a general overview with regard to the subject matter covered and is not intended to provide legal, accounting, or specific advice to your situation. No legal representation or attorney/client relationship is created solely by use of this site.

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