Posted by Monica V on April 22, 2005 at 23:32:23:
Don’t quote me here, but I thought the the trust could not have any dealings with the handling of the property as far as management goes at all. So payments should go to the beneficiary which of course is your LLC.
Trust, LLC, Lease qustion for Mr. Bronchick - Posted by Stephen
Posted by Stephen on March 24, 2005 at 14:43:49:
Mr. Bronchick,
My rental property is owned by my trust with a third party trustee and my LLC is the bene. of the trust. I intend to manage my properties myself and have a few questions:
If the trustee signs the lease with the tenants with my trust as the landlord, who should the rent checks be made out to? If they are made out to the trust, would the trustee then pay the beneficiary (my LLC)?
Or would it make the most sense to have the trust bene. sign the lease and collect rent?
Thanks so much for the help. I am trying to find out the simplest method to manage my properties and to still maintain the benefits of using a trust.
Re: Trust, LLC, Lease qustion for Mr. Bronchick - Posted by William Bronchick
Posted by William Bronchick on March 30, 2005 at 21:37:36:
If you read my land trust agreement, it states that the beneficiary has
the right to all rents on the property. So, lease can be in the name of
the trust, but can state “Make Payments to LLC”