Asset Protection Plan a nightmare at closing - Posted by George

import · February 20, 2004, 9:07am

Posted by George on February 20, 2004 at 17:28:51:

My title company wanted to know all the beneficaries and when they turned out to be LLC’s they wanted to know who owned every LLC in the chain of ownership.

I changed title companies today.

Thanks for your help

George

import · February 20, 2004, 9:07am

Asset Protection Plan a nightmare at closing - Posted by George

Posted by George on February 20, 2004 at 10:07:01:

I followed the advice of the asset protection and estate planning guru’s (no names to be mentioned) where each house is in a trust and each trust is owned by an LLC which is owned by another LLC which is owned by A family limited partnership and some members are other llcs and some are trusts etc etc.

Now my problem is I am trying to sell my property. The title company will not accept a resolution and deed from the little LLC at the bottom that actually owns the real estate. They want the articles of incorporation and operating agreements of every llc and trust in the chain that touches any other before the will let the little LLC at the bottom sell the real estate.

I am uncomfortable with having to detail my entire structure out to others. Is this the experience of other people here?

import · February 20, 2004, 9:26am

Re: Asset Protection Plan a nightmare at closing - Posted by William Bronchick

Posted by William Bronchick on February 20, 2004 at 10:26:25:

It seems like you’ve got it backwards… if the trust owns the real estate, the trustee’s signature is the only thing that should be required.

In any event, dealing with the right title company can solve all your problems. My title company asks only for a statement of authority from the trustee - that’s it.