Land Trust Question

Keith Asked Mike This Question:

Land trust is it possible to make Family Limited Partnership the trustee. How do you make the trust without the mortgage company calling your note due if you make a land trust.

Does the land trust have a checking account if it dose not have a tax ide # and if not who pays the property tax.

Land trust is it possible to make Family Limited Partnership the trustee. How do you make the trust without the mortgage company calling your note due if you make a land trust. Does the land trust have a checking account if it dose not have a tax ide # and if not who pays the property tax.

Land trust is it possible to make Family Limited Partnership the trustee. How do you make the trust without the mortgage company calling your note due if you make a land trust. Does the land trust have a checking account if it dose not have a tax ide # and if not who pays the property tax.,

providing there is no transfer of ownership or beneficial interest... (think of it this way.... if it is an investment property...is it still showing up on your Tax Return?... if so, there is no transfer of ownership.... remember the land trust is a "privacy instrument"... it is used to simply hide the beneficial interest (true owner in our language) and keep their name off of public record...

to make it simple...

if Keith Youngs owns it today.... you could have your attorney prepare a deed with the new "owner of record" to be your "123 Land Trust" with ____ as Trustee..... this would go on your deed...Also have your attorney cite the proper language in your state noting this is not a TAXABLE event and no transfer tax is due.

Land trust are allow for estate planning purpose with garn st. garmaine act(i might be spelling it wrong)...

Your Land Trust Agreement STAYS in your filing cabinet. It does NOT go to your attorney or title company... it does NOT get recorded... this would defeat the whole purpose of using it.

NO Checking Account needed for the land trust... it is NOT an Entity... just a privacy instrument.

Most of the time, the Trustee is an individual.. i would NOT recommend your family limited partnership as trustee because it will be become public record...the Owner of Record is the name of the trust and the Trustee.

your local government does not care where the property tax money comes from...

I appreciate your questions... most investors just make it too complicated and many real estate attorneys have never been taught anything about land trusts...(they get them mixed up with those cumbersome, complicated trusts such as revocable and irrevocable with tax id numbers and tax returns...) this is so much more simple.

this might help... imagine a Re/Max or Century 21 property management company... they collect rents and pay bills for all of the owners and give them a report monthly or annually.... why can't you do the same for your own properties?

Great Question Keith...

Now You Can Get All Those Questions You Forgot to Ask About Using Land Trusts at www.5mLandTrust.com