Posted by Mik on January 04, 2008 at 11:26:50:
I, respectfully, disagree with your attorney. Land trusts are legal in all 50 states.
Without going into any detail, I recommend you consult another attorney.
Land Trusts in NY - Posted by NY Vestor
Posted by NY Vestor on December 22, 2007 at 13:03:34:
I was recently told by my attorney that a land trust is useless in NY. In NY a land trust cannot hold title, the trustee has to (John Doe as Trustee for the 123 Jones Street Trust). As such the trustee would be listed in any lawsuit, regardless of their liability. The attorney would not act as trust. Anyone else aware of this? Any suggestions for getting around it (other than taking title in LLC).