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SMiller
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Using Land Trusts for Asset Protection of my personal residence
Friday, July 31 2009 02:00 PM
I understand that Land Trusts are good for asset protection - to a point as they protect privacy. However I've read on some other web sites that in most states the trust will not even be recognized for creditor-debtor purposes.
Ive been speaking with a firm that tells me we can fracture the ownership of the land trust (with a relative or good friend) to prevent creditors from seizing them.
Does anyone have any thoughts on this?
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Using Land Trusts for Asset Protection of my personal residence
Saturday, January 09 2010 04:50 PM
S. Miller,
PLEASE SEE MY COMMENTS BELOW.
RANDY
I understand that Land Trusts are good for asset protection - to a point as they protect privacy. However I've read on some other web sites that in most states the trust will not even be recognized for creditor-debtor purposes. NOT SURE WHAT YOU MEAN BY "CREDITOR-DEBTOR PURPOSES" BUT YES, CREDITORS CAN EVENTUALLY GET AT THE BENEFICIAL INTEREST THRU COURT ACTION.
Ive been speaking with a firm that tells me we can fracture the ownership of the land trust (with a relative or good friend) to prevent creditors from seizing them.THIS TECHNIQUE WOULD SLOW THE CREDITORS DOWN BUT NOT STOP THEM. THEY COULD BE GIVEN AN ASSIGNMENT OF YOUR INTEREST ULTIMATELY (ASSUMING YOU WERE CO-BENEFICIARIES). BETTER TO USE OUT OF STATE TRUST LINKED TO AN OUT OF STATE LLC AS BENEFICIARY (PREFERABLY A DIFFERENT STATE)
Does anyone have any thoughts on this?
Randy Hughes
866-696-7347
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