Posted by Max-Va on March 20, 2007 at 06:31:08:
It sounds like advertising, I know
Bill Bronchick has a land trust course that is simple and easily understandable. It has everything you will need and tells you step by step what to do and why you need to do it. If you don’t understand what you are doing pay an attorney or pay for good education, it is much cheaper than the real life school of hard knocks.
TRUST forms - Posted by Mr.DisTRUSTful
Posted by Mr.DisTRUSTful on March 20, 2007 at 01:59:05:
I got a book on Trusts from the book NOLO but it’s a bit hard to grasp the concept of a Trust.
If I sign that Trust form attached in the back, get it notorized, can I say to someone (such as my stock brokerage, and mortgager) that I have a trust and start using it?
Re: TRUST forms - Posted by JT-IN
Posted by JT-IN on March 20, 2007 at 06:42:07:
Mr Dis…
Yep, you can say whatever you want to your stockbroker…
As far as any value to the Trust, it is mainly two things, 1) Privacy, as transactions that occur within the Trust structure are shielded from public view, if done correctly; and 2) the possibility of AVOIDING Probate when one dies, for the assets held by the Trust.
Think of a Trust as an alter ego… you have created another person, or persona. That other person you have created now owns the assets, not you. You still are able to direct the benefit and disposition of these assets by your puppet (Trustee), and they will do as you lawfully direct, and the benefits of, (Cash, gains, income, etc) will still be bestowed upon you, the Beneficiary of the Trust.
In the matter of RE transactions, which are public record, a Trust will shield you name from turning up in public record, therein lies the privacy aspect. In the case of a party who may want to file a suit against you for some claimed liability, they will never know that you even own the RE, since the owner of record shows up as being the Trustee, not you. The contractural arrangement between you and the Trustee, called the Trust Document, is a private agreement and seen only by the parties to the Trust; Trustee, Alt Trustee, and Beneficiary. What is publicly recorded has no mention of who the Beneficiary is, nor will it. The Corpus of the Trust, (the items that are transferred to the Trustee; Stocks, RE, other items of value), then become personal property. Yes, even RE when transferred and owned by the Trust, and when transferred from Beneficiary to Beneficiary, is a personal property transaction.
There are revocable and irrevocable Trusts. Most trusts are revocable, which means you can direct that the property be brought back out of the Trust at some later date. Irrevocable is simply that, the property that goes into the trust will stay in the trust for the duration. Usually RE investors are dealing only with revocable trusts.
Taxation is a trust is transparent in that the Beneficiary of the Trust will be responsible for taxes on the income or gain generated within the Trust,m just as if the Trust did not exist.
Many other nuances and much to know about Trusts, but hopefully that little dissertation with get your arms around Trusts and some of their benefits and uses.
JT-IN