Posted by Kawika Ohumukini on February 06, 2004 at 18:03:02:
That was pretty good!
The only thing I would add is not to name the trust after yourself, kinda defeats the annonimity benefits. Maybe name it after the street or in the case where you own the whole block, :), name it after the street address.
Question regarding QuitClaim - Posted by Mike
Posted by Mike on February 06, 2004 at 12:48:42:
I’m thinking about putting my house in a corporation sole. Has any one had experience with doing this? If I quitclaim my house to the CS, what’s the chances that the lender will find out? Would they mind?
Re: Question regarding QuitClaim - Posted by Rich Hyams
Posted by Rich Hyams on February 06, 2004 at 13:03:37:
I am not that experienced, I am sure someone will come by and correct my horribly wrong answer.
QC and deeded into a different entity with insurance notifications and all going to the bank is likely to trigger the due on sale or anger your bank.
A better way to do this is to create a trust, and record a deed to trust. You can name the trust the “Mike lastname Trust” then have the beneficial interest of the trust assigned to your CS.
Some states have different laws, but I think all states, or least almost all, allow for the creation of a trust for estate planning purposes.
I am not certain where you should go to get more specific info for your state, but I think this is what more experienced people will tell you to do.