Posted by Brandi_TX on February 08, 2001 at 24:23:15:
Long time no chat… I know we all hate it when we get a response that really doesn’t answer the question we ask, so forgive me for doing just that.
In giving thought to your questions, it became more important for me to figure out what you want to accomplish (or avoid?) by spreading out the times and by using different addresses.
I’ve seen the word “paranoia” thrown around here recently and I don’t know if that is the angle you are working or if you have a more valid reason for wanting to do these things. Obviously there is no fear of “tipping off a lender” because there aren’t any, so what gives?
If you are hiding the properties from the general public’s prying eyes, why the worry about timing and similarities? If someone is smart enough to “bust you” on one, they will find (or have a judge make you tell) about any others - regardless of when they were filed.
But see, look at me, I am speculating… so I guess my question is this: How can anyone know what you SHOULD do, until we know what it is you are trying to accomplish?
PS - Be sure to bring good pics of the baby to Atlanta!
Another couple trust questions - Posted by Tim Jensen
Posted by Tim Jensen on February 07, 2001 at 21:16:38:
I have a couple quick trust questions.
I am getting ready to put some free and clear properties into trust. I plan on putting each property into its own trust.
Should I spread out when I put them in trust. Instead of putting them all into their trusts on the same day or same month. Should I put them in trust like one every 2 months or what have you?
I have the abliity to deed the property into the trust name only leaving the trustees name off the deed. I was going to make the mailing address of each property a different one. For example, I have friends in another state. Would it be good or advisable to put their address on the deed, even though I will be using a local address on the trust agreement?
Re: Another couple trust questions - Posted by Bill Gatten
Posted by Bill Gatten on February 08, 2001 at 24:52:45:
Forgive me if I’m misinterpreting your post: but putting a property into a land trust isn’t something that you need to view as shifty or wrong (unless you doing it for wrong or shifty reasons…e.g., to avoid prosecution, or fraudulent conveyance for other reasons). Assuming you’re just look for asset protection, I would suggest putting every property into its land trust at the same time…why leave yourself exposed for any more minutes than you have to?
Not sure what you mean (or mean to accomplish) by “…putting a different address on each trust.” The only address that goes on the trust would be the actual address of the trustee and that of the property and its legal description. The trust document itself is never seen by anyone but you and your trustee; and the deed into the trust has to show the propery’s correct address and legal description in order to be recorded and provide the protection you’re creating the land for in the first place.
Rather than getting too creative, for maximum asset protection, I’d suggest simply holding your beneficiary interest in an entity that would prohibit partition or charging orders (e.g.,an LLC or Ltd. Ptnrsp or a co-beneficiary land trust). I might also suggest using a corporation or partnership as trustee so that you don’t have to worry about the trustee dying and getting your pr9operty wrapped up in its Probate proceedings (which can take years and hopelessly tie you up).