Posted by William Bronchick on November 04, 2001 at 10:37:07:
Use a single member LLC as the “temporary owner” so the transfer is tax neutral. Call the LLC “Okinawa Overseas Investments, LLC” so people think some Japanese investors are involved!
Land trust invisibility? - Posted by Kent
Posted by Kent on November 02, 2001 at 22:05:02:
Bill,
I paid a visit to the Court Clerks office today to check the filtering mediums available on the computerized leins registered. If I were to move all my properties into a land trust(s), it would not provide much invisibility. It would not take much sleuthing to see that K Cheatham was repeatedly associated with a trust or set of trusts. I could easily devine what was going on, whether I was a lawyer checking assets to know if I should pursue him or an “egger” wanting to know my addresses to create havoc.
These were sortable back to 1985. Even if leins were released the track record remains.
The clerk said if I were to create trusts, I would still be named if I were the beneficiary. I believe I read you saying to make an LLC the beneficiary, right? This would alleviate the current leins being reported but not the track record.
Upon scanning some random transactions I did see the LLC’s hid the name of the owner well. But to not leave tracks as a grantee or grantor, you would have to have initiated this lein originally in the name of the Corp or LLC. This comes at a price for me. My 6.5% fixed, lenders want me to use my name only. My commercial lenders at 8%-9% variable will deal with an LLC.
Kent
Re: Land trust invisibility? - Posted by Michael Morrongiello
Posted by Michael Morrongiello on November 02, 2001 at 23:22:31:
Kent:
While its true that as long as you continue to remain on any existing Mortgage or Trust Deed financing that is a lien on the property where you acted as an indvidual, its possible to continue to infer that you still may have a link to the property.
What you might consider is a transfer of the title of a property on a temporary basis to a third party (a friend, another non related entity, etc.), who then would deed it into the Trust vehicle.
The “link” establishing that you still have an interest in the property will be more difficult to ascertain under these circumstances derived from simple courthouse index searches
To your success,
Michael Morrongiello