Posted by Tommy on December 19, 2006 at 12:45:10:
I thought that liens cannot be attached to the trustee, because the trustee acts as a straw man for the benificiaries? and because the trust aggreement isnot filed anywhere there is no way to attach a lien to a benificiary because the document is kept private.
Is there something that i am missing here?
thanks Tommy FL
LLC FOR EVERY PROPERTY TRUST? - Posted by Tommy
Posted by Tommy on December 01, 2006 at 04:39:15:
Is it nessesarry to open an LLC for every property trust? I heard that on legal problem and cause leins on every property in that trust? Whats the best way to protect yourself for the least amount of work? And besides creditors cannot attach liens to a trust anyway right? so why would the trustee need a LLC for each property?
thanks Tommy FL
Re: LLC FOR EVERY PROPERTY TRUST? - Posted by Greg
Posted by Greg on December 19, 2006 at 11:55:04:
Not necessary. Maybe one LLC for every 100k of equity.
You should have a different trust for every property though.
Never put multiple properties into the same trust.
The beneficiary of several trusts can, however, be the
same LLC, etc.
Liens can be attached to whatever is in the name of a
debtor at the time the creditor files suit.
Keep in mind that tax liens and mortgage liens are
superior to anyones ownership, including that of the
trust.
All the best,
Greg