| Author | Postings |
|
Craig
Warner Properties Inc
|
Advice needed on this new trust
Friday, February 13 2009 11:30 AM
I need to create a trust for a property owner to shield the owner and property from a possible lawsuit. The property is land with a trailer on the property. Question, can I put the trailer into the same trust with the land?
My plan is to use a nephew/lawyer in KY (out of state) as the trustee, with the beneficiaries being my corporation and the original owner who is in her 80's and wants to remain in the trailer. Can I have her lease the trailer and property back from my corporation to pay the taxes etc? Should she even be a beneficiary to completely hide her.
What risk does my corporation carry if any? The lawsuit has do do with the DEC trying to get repaid from sample drilling looking for well contamination on a nearby property site even after they used up all insurances from this elderly lady.
Craig Warner
Warner Properties Inc.
REPLY
|
|
Jim Hughes
Investor
|
Re:Advice needed on this new trust
Saturday, February 14 2009 07:45 AM
Craig,
SEE MY RESPONSE IN BOLD BELOW.
RANDY
"I need to create a trust for a property owner to shield the owner and property from a possible lawsuit. The property is land with a trailer on the property. Question, can I put the trailer into the same trust with the land? NO, THE LAND IS REAL ESTATE AND THE TRAILER IS PERSONAL PROPERTY. YOU WOULD NEED TO PUT THE TRAILER INTO A PERSONAL PROPERTY TRUST. WE PROVIDE A PP TRUST FORM WITH OUR ADVANCED HOME STUDY COURSE.
My plan is to use a nephew/lawyer in KY (out of state) as the trustee, with the beneficiaries being my corporation and the original owner who is in her 80's and wants to remain in the trailer. Can I have her lease the trailer and property back from my corporation to pay the taxes etc? Should she even be a beneficiary to completely hide her.
THERE IS A LOT STATED IN THIS PARAGRAPH ABOVE THAT CANNOT BE ANSWERED IN THE DETAIL NECESSARY FOR A COMPLETE EXPLANATION. DO YOU HAVE OUR LAND TRUST HOME STUDY COURSES?
What risk does my corporation carry if any? The lawsuit has do do with the DEC trying to get repaid from sample drilling looking for well contamination on a nearby property site even after they used up all insurances from this elderly lady.
YES, IF THE TRANSFER IS DEEMED A FRAUDULENT CONVEYANCE, YOUR CORPORATION COULD GET CAUGHT UP IN SOME LEGAL ISSUES...THAT YOU DO NOT WANT.
RANDY
REPLY
|
|
Craig
Warner Properties Inc
|
Re:Re:Advice needed on this new trust
Saturday, February 14 2009 06:35 PM
Thanks for the reply. Just talked to my partner and he said the courts could require the TRUST dissolved as you stated because she has already been served the court papers. The would consider the reason of the trust was fraud to block the DEC.
What he did recommend was to refinance the property to put liens against the property. With a second given to charity. Therefore showing cause to borrow from the asset to give to a non-profit corp. They wouldn't go after the charity for the money because she could show cause.
Thanks again.
Craig Warner
Warner Properties Inc.
REPLY
|
|
Randy Hughes
Land Trust Expert-40+ years of experience
|
Re:Re:Re:Advice needed on this new trust
Saturday, February 14 2009 06:45 PM
Craig,
The other thing you could do is put a line of credit against the property but do not take the money out yet. A creditor cannot force you into borrowing money to pay them. But, the property would be securing the line and therefore encumbered up to its full value.
Randy Hughes
866-696-7347
REPLY
|
|
Craig
Warner Properties Inc
|
Re:Re:Re:Re:Advice needed on this new trust
Saturday, February 14 2009 06:51 PM
I like it. Thanks This poor old lady is getting raped by the government and has no money or age to fight it.
craig
Craig Warner
Warner Properties Inc.
REPLY
|
