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Easy
Investor/Lender
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Land Trust/LLC Questions
Sunday, April 22 2007 07:58 PM
Hello,
The property is in Fl:
Because there is certain verbiage that is needed for a Trust to remain valid in Florida (and it may be quite difficult to find all of the verbiage to include) should I use a Florida Trust to make sure my Trust will hold up? If not, what suggestions do you have besides getting a lawyer?
In addition, if I so choose to use an IL state Trust how will that affect my local notary...or do I have to have it notoraized in IL? Given that on many of the pages it reads "State of IL and County of Champaign" then a place for the Notary Public.
Lastly, If I make my benificiary an LLC and make the trust the owner of the LLC how will that affect my control of the LLC? Is it best that people know I own the LLC?
Just Win!
REPLY
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Randy Hughes
SFH Master Advisor
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Re:Land Trust/LLC Questions
Monday, April 23 2007 09:27 AM
Easy,
SEE MY COMMENTS IN BOLD BELOW,
The property is in Fl:
Because there is certain verbiage that is needed for a Trust to remain valid in Florida (and it may be quite difficult to find all of the verbiage to include) should I use a Florida Trust to make sure my Trust will hold up? If not, what suggestions do you have besides getting a lawyer? YOU ARE RIGHT THAT EACH STATE HAS ITS OWN INDIVIDUAL STATE LAWS. HOWEVER, YOU DO NOT HAVE TO USE A FLORIDA LAND TRUST JUST BECAUSE YOU ARE IN THE STATE OF FLORIDA. FOR EXAMPLE, YOU COULD USE A NEVADA LAND TRUST TO HOLD TITLE TO YOUR FLORIDA PROPERTY. I WOULD SUGGEST YOU HAVE YOUR FIRST LAND TRUST REVIEWED BY A KNOWLEDGABLE TRUST LAWYER TO MAKE SURE IT MEETS ALL FLORIDA REQUIREMENTS FOR A VALID TRUST. BUT, THEREAFTER, YOU CAN PRODUCE YOUR OWN TRUSTS A WILL.
In addition, if I so choose to use an IL state Trust how will that affect my local notary...or do I have to have it notoraized in IL? Given that on many of the pages it reads "State of IL and County of Champaign" then a place for the Notary Public. THESE ARE JUST EXAMPLES, PUT IN THE STATE AND COUNTY OF THE NOTARY THAT IS DOING THE NOTARIZING. IT CAN BE NOTARIZED ANYWHERE.
Lastly, If I make my benificiary an LLC and make the trust the owner of the LLC how will that affect my control of the LLC? Is it best that people know I own the LLC? A LAND TRUST CANNOT OWN AN LLC. A LAND TRUST CAN ONLY OWN REAL PROPERTY OR REAL PROPERTY INTERESTS (I.E. LEASES, OPTIONS, MORTGAGES, ETC.) IF YOU WANT A TRUST TO OWN THE LLC IT WOULD HAVE TO BE A PERSONAL PROPERTY TRUST OR BUSINESS TRUST.
Randy Hughes
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