Posted by Eli on October 28, 2004 at 14:56:27:
I have started to work with land trust. What I am trying to do with them is have people put there house in the land trust then turn around and sell the land trust to someone who is looking for a house or investment property. I am still looking into all the facts but has anyone here used a land trust for this purpose?
Thanks
Eli
Land Trusts in Michigan - Posted by VRC (MI)
Posted by VRC (MI) on July 13, 2004 at 13:19:46:
I have spoken to a few attorneys in Michigan who swear up and down that there is no legally recognized entity as a land trust in MI. What’s the story? One of the attorneys is also a long time real estate investor. He says that while it’s not illegal to put the property in a land trust, because it is not recognized by the state, there is no additional protection by doing this so it’s basically pointless. What’s the truth as it related to MI?
Re: Land Trusts in Michigan - Posted by Bill Bronchick
Posted by Bill Bronchick on July 14, 2004 at 12:36:26:
The attorney is correct, but he’s also missing the point. A land trust is not an entity, it is a contractual arrangement. The trust provides privacy, which is extremely important because it makes the job of the “information seekers” (attorneys, government, newspapers) much more difficult.
The land trust is further layered with an LLC or corporation to provide liability protection.
Re: Land Trusts in Michigan - Posted by VRC (MI)
Posted by VRC (MI) on July 14, 2004 at 15:18:20:
It seems like this is complicated. At what point do you advocate using the trust. If I’m a beginning investor should I start out using trusts from day 1?
Thanks,
Re: Land Trusts in Michigan - Posted by Bill Bronchick
Posted by Bill Bronchick on July 14, 2004 at 15:42:48:
Not complicated at all. The beneficiary of the trust is an LLC or corporation.