Trust Funds

I think you mean Land Trust rather than Trust Fund??

Just create one (its only a piece of paper)... and then have the seller deed the property into trust with you as beneficiary.

Wmark do you have a copy of one so we could see what it intails. Waht if I wanted to put on of my rentals (if I had one) into the land trusts...would I do a quit claim and put it inthe trust, then make my llc the bennie. HOw does that part work (adding the bennie)

Thanks,
D

That is correct, D. There is an additional form called a change of beneficiary form. I typically create both of them (so that on the Land Trust the seller is the bennie but it is changed to me or my LLC in a separate doc.)

If you are looking for info on Land Trust, you might want to read my post from a few minutes ago.

How to Own Land Anonymously Through the Little Known - Land Trust�

You post read Trust Fund so I did not realize that you meant land trust. It may give you a little added in. No forms but you can google the forms you need.

What about regular Trusts to put your property in..like the "(your name here)Trust".
jrgnsn

Good question.

Most trusts are called living trusts or revocable living trusts, and they are extremely flexible and valuable for holding title to any assets, not just real property. They may not hide your identity, as title is frequently shown as "John Jones, trustee of the JJ Family trust" or some name like that. It can also have a less personal name, such as "Rocky Mountain Travelers Trust." But holding title in the trust's name frequently discourages ambulance chasers, just because they don't know the terms of the trust.

The "living" part means that the person or persons who set up the trust are still living. As long as the trust is revocable (not permanently fixed, can be changed), it does not need its own tax number, and the income/expenses remain a part of your personal tax data and your social security number. The trustees are usually the trustors, but a bank or any designated person can be trustee.

The primary value of trusts lies in avoiding (legally) the probate costs, publishing details in the paper, and delays in settling an estate. Depending on your state, probate costs can be very high, and delays can disrupt lives. Any assets held by the trust are therefore not in your probate estate. Your interests in corporations, LLC's, or L.P.'s can also be owned by a trust.

All sorts of provisions can be included, including generation-skipping, successive distributions, and huge savings in estate taxes. There are many computer programs that will produce a legal trust document, but it may be advantageous to have an estate planning attorney draw it up. (Pay them now, or pay them later, they say.)

Some lenders tend to shy away from loaning to a family trust, but more are becoming willing to. Their position is, switch the title to your personal names, and after the loan is recorded, deed it to the trust. Sellers aren't particular when a seller carries back the loan.

The term "Trust Fund" generally refers to the after-death continuing distribution of assets, although a trust can direct payments to beneficiaries during the life of the trust originators (trustors).

I hope this isn't too confusing. You don't need to be a millionaire to benefit from a trust.

Did someone mention they were going to quit claim Bennie some property in post # 2? You guys are too kind, and when can we close? Thank you lol