Posted by bukzin on December 07, 2004 at 13:59:34:
I could not get that address to work.
I found the order form for the book at
http://www.reiclub.com/authors/gatten/nodownnonewloanrequest.php
Putting 2 homes into a Land Trust - Posted by JON
Posted by JON on July 13, 2004 at 15:06:47:
If I have 2 properties: one rental, one primary residence,
-
how much should I expect to spend setting up and putting these two homes into a land trust?
-
Can I still get the tax-benefits for my primary residence?
-
What are some DISadvantages?
-
Also, please recommend an authoritative/best book on land-trusts…
-
what is the difference between a Trust
and a Land-trust? Are they just the same thing or am I just completely misunderstood?
Thanks in Advance,
Jon
Re: Putting 2 homes into a Land Trust - Posted by Dianna Javan
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Re: Putting 2 homes into a Land Trust - Posted by David Bryan
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Re: Putting 2 homes into a Land Trust - Posted by Les Bowerman
Posted by Les Bowerman on November 16, 2004 at 24:26:15:
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Re: Putting 2 homes into a Land Trust - Posted by WAREIA
Posted by WAREIA on July 14, 2004 at 12:02:29:
A simple (Title Holding) Land Trust should only cost you a few hundred dollars to setup plus a small annual Trustee fee of maybe $100 per yr. Each property should be placed in a seperate trust.
The tax benefits won’t change because you have you property in a trust.
As for the disadvantages. You need to be careful about who or what you name as the Trustee. Don’t name a person or the property becomes part of their estate and if something happens you could lose your home. Name a third-party corporation that is in the sole business of holding title to properties in Land Trusts.
When you want to refinance the property you may need to remove it from the trust, refinance and then place it back in trust. There are some lenders that will lend to a trust but not many.
In order to have full asset protection you need to name a second un-related co-beneficiary. It should be someone you trust. You can then have them grant you, by a Power of Attorney, their full voting rights so they have no control. Or, you can form an LLC to be the second co-beneficiary. Of course that would cost a few hundred more but offers some great protection. It’s kinda like wearing a belt and suspenders.
I have a copy of a book on Land Trusts in a PDF format I would be glad to forward to you if you wish. There are several guys out there that have some good material on Land Trusts. You can search this site for guys like Bill Bronchick, Bill Gatten etc. You won’t find much in stores or just stand alone books on the subject. Most of the stuff on Land Trusts are sold on sites like this.
The main difference between what most people know as a Living Trust or Family Revocable Living Trust and a Title Holding Land Trust is who the Trustee is. If you are the Trustee as in a FRLT you are both a beneficiary and the trustee and have full power of direction and control by yourself. In a THLT you name a third party to be the trustee and the trustee becomes the bare, equitalbe and legal title holder of the property. The Trustee of a properly setup THLT has no Power of Direction over the property except by a letter of direction given to it by the beneficiaries. This what makes a THLT so powerful as far as asset protection is concerned. There are others but you can read about those yourself.
A FRLT and a THLT are both Inter-Vivos (Living) Revocable Trusts. It all in who you trust.
Re: Putting 2 homes into a Land Trust - Posted by Hank FL
Posted by Hank FL on July 14, 2004 at 08:33:38:
Mark Warda, Esq.
Sphinx Publishing
Keyword: Landtrust
Where?
Your home + rental in same trust?
Not the best idea.
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Re: Putting 2 homes into a Land Trust - Posted by Nell Crothers
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Re: Putting 2 homes into a Land Trust - Posted by New Home Investor
Posted by New Home Investor on July 28, 2004 at 20:48:27:
Great post, already answers several questions I had. Do lenders
need to know who the beneficiary is? I would imagine that they
wouldn’t like to see an LLC as the beneficiary, though that would be
ideal for me for asset protection. Is obtaining home insurance in the
name of the title-holding trust difficult?
Also, would you please forward me your Land Trust PDF? Thanks!
Re: Putting 2 homes into a Land Trust - Posted by WAREIA
Posted by WAREIA on July 16, 2004 at 15:39:30:
-or- www.landtrust.net
Re: Putting 2 homes into a Land Trust - Posted by WAREIA
Posted by WAREIA on November 16, 2004 at 09:48:07:
Nothing changes except title to the property in now in the name of the Trust. No need to change insurance and no need to notify the mortgage company of who or what is are the beneficiaries.
Placing a Property into your own Living Trust, as is a Title Holding Land Trust, is a right guaranteed to you by the Federal Law. (see Garn - St. Germain)
As long as you remain “a” beneficiary of your trust your fine.
Re: Putting 2 homes into a Land Trust - Posted by WAREIA
Posted by WAREIA on July 28, 2004 at 23:59:29:
The only thing a Lender gets is notification from the Trustee that the property has been placed in a Revocable Living Trust.
You may name any Beneficiary you wish. That is a private matter between you and the Beneficiaries. The only thing you can’t do is take away the Banks right to foreclose in the event of non-payment etc.
If you are remaining in the home your insurance stays the same. If you are going to Lease or Rent to a Beneficiary or other you simply need to convert your existing policy to a Landlord Policy. It is usually less because it only covers the struture not the contents.
If you want a FREE copy of the book “No Down, No New Loan”, in PDF you have to go to the website and download it. www.landtrust.net