|
Wallace
|
Land Trusts for property in Louisiana
Sunday, January 03 2010 11:53 AM
I learned in the basic study course that Louisiana is difficult to form a land trust because they practice the old civil laws instead of common laws like the rest of the states. Unfortunately, the majority of real estate is in Louisiana and I live in California.
Can I effectively use a Virginia land trust or Chicago-type land trust and put my LA properties in there? My interim trustee will be in Virginia and a year later, I'll make my brother-in-law in California my trustee. My LLC formed in Nevada will be my beneficiary.
REPLY
|
|
Randy Hughes
Land Trust Expert-40+ years of experience
|
Re:Land Trusts for property in Louisiana
Sunday, January 03 2010 12:15 PM
Wallace,
French Civil Law does not have a Statute of Uses and therefore does not recognize Land Trusts. However, you can set up a Civil Law Trust in Louisiana to hold title to property in Louisiana.
Any trust that you want to use for LA is going to have to be adapted to those unique LA laws. Unfortunately, we do not have a knowledgeable attorney located in LA to help our students. As soon as we can locate one we will make the information available on our website (or if you find one please refer them to us).
From a practical standpoint, the real issue is what will satisfy the local recorders office (the one in which the property is located). If they accept the form and local title companies will recognize a deed from your trust...then, that is all that matters (assuming you are not getting sued and need your trust to hold up against preditors). Therefore, i would suggest contacting the local recorder's office and ask them if they could direct you to a "sample trust" that has been previously recorded (for the purpose of holding real estate). You may be able to access this information online via their county website.
Please let me know what you find out>
Randy Hughes
866-696-7347
REPLY
|
|
Wallace
|
Re:Re:Land Trusts for property in Louisiana
Sunday, January 03 2010 08:35 PM
Thanks Randy.
I'll see if I can find anything out. Louisiana is an interesting state. I'm also looking into estate planning and discovering that it's tough to even form a simple will there because of heirship laws.
REPLY
|
