Hi Clint, great info. My concern is although PRT provides me with anonymity, I may lose the homeowner’s tax exemption that can be substantial. The other concern is the homeowner insurance, will the insurer provide insurance to a property whose owner is anonymous? Thank you for your advice.
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Great questions and I look forward to seeing if Clint will address these important questions.
We have not found this to be an issue so long as equitable title is held by the homeowner I.e., you are the beneficiary of the trust with the right to occupy the property.
Thank you Clint. This is a good answer. I am a farmer, live in a house on the farm which is my primary residence, I also farm (agricultural businesses) on the same property. What kind of entity would you advise? PRT doesn’t seem to provide adequate or enough coverage for the property. Thank you
Hi Clint - weird question about the judgment scenario. Wouldn't you have to provide the address in post judgment discovery anyway? Thanks for the videos!
If I live in NY and buy a house in another state, let's say Delaware or Florida, using a single member Wyoming LLC, will I need to register that LLC as a foreign entity in Delaware/Florida?
When house hacking a personal residence (i.e. Duplex) with freddie/fannie loan, should you put it in a Personal Residence Trust or Wyoming/State LLC structure?
Thanks. What if the LLC is from the state where the house is located, would I get the homestead? For example, house is located in Delaware and my LLC is in Delaware and it's a personal property
When filing your personal tax return 1040 and i want to claim property tax and other deductions , dont i have to specify trust name or something related? If yes, then if i get sue and creditor ask for my tax return they will see im related to the trust and start searching. How would all that work when doing taxes and specifying the house deductions?
In the video, you mentioned that you will put clint esq as trustee of the trust to avoid creditor finding the owner. You then will resign once deed is recorded . What will happen in a case where things needs to be done to the property like changing zoning or anything that requires permission from the city county or if you get a ticket and you go fight it? Clint esq is the name recorded in the deed. How would the owner go about dealing with the county clerk to get permission to do work on the house if the trust is recorded inder clint esq?
In some states you can lose your homestead exemption if you take your home out of your name. Do the research and beware. I did this with my car registration btw.
Would it be more beneficial to designate your Living Trust as the Beneficiary of your Residence Trust, or should you name an individual directly as the Beneficiary?
Thanks for the video. Clint, I have a few questions.: 1. What’s the difference between this privacy trust and the land trust and the residence trust? It seems as if they all can operate the same way. 2. For an example like this in the video, we wouldn’t want to make the trust name the same as the property address? 3. If I’m purchasing a house, what type of trust should I have created? Privacy trust, land trusts, or residence trust? And does it have to be a specific one if the property is in Florida? Should I give it a generic name or should I name it after the property address? 4. I thought when you create the land trusts, and as long as you are, the main beneficiary of the equitable interest, and you state that you are the primary residence, then you can be exempt under the homestead exemption. Is that the case still?
You must use a residence trust over a land trust to preserve your homestead. A land trust vests legal and equitable title in the trustee whereas a residence trust only vests legal title in the trustee.
Ok ok. Thanks Clint. How does a land trust differ from residence trust? Is the title page on the document called the residence trust, for example, 123 Main St. residence trust or will it just be 123 Main St. trust?
Not true. Having an existing bank loan on your property does not prevent you from placing your property into a trust. The bank never has title, the bank has recorded a deed of trust to prevent you from selling the property without first paying off your loan.
Let's say you want to buy a house and you want to keep it out of any previous judgment from an ex. Would the ex be able to go to court and demand the trust document that would show that you're the owner? Because if you're living in the house, the ex is going to get real suspicious that somehow you still own it.
Maybe they don't need to know other than it belongs to the family. Perhaps have an LLC as the beneficiary. It would be great to know a better solid strategy.
If you would like a FREE 30-minute consultation, you can request one here - aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
Clint, knowing these athletes, most of them are incredibly stupid and they don't listen to logic - they listen to whoever they are sleeping with! I guarantee you Mahomes is not protected with any of his assets! Kelsey is dumber than him! Very sad and I do not feel sorry for these guys as they all believe they are untouchable; hence they have to learn the hard way! Great video by the way!
Schedule your FREE strategy session here: aba.link/cf8e4a
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Thanks!
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Thanks, Clint.
Great info.
Good information
Hi Clint, great info. My concern is although PRT provides me with anonymity, I may lose the homeowner’s tax exemption that can be substantial. The other concern is the homeowner insurance, will the insurer provide insurance to a property whose owner is anonymous? Thank you for your advice.
Great questions and I look forward to seeing if Clint will address these important questions.
We have not found this to be an issue so long as equitable title is held by the homeowner I.e., you are the beneficiary of the trust with the right to occupy the property.
Thank you Clint. This is a good answer. I am a farmer, live in a house on the farm which is my primary residence, I also farm (agricultural businesses) on the same property. What kind of entity would you advise? PRT doesn’t seem to provide adequate or enough coverage for the property. Thank you
Hi Clint - weird question about the judgment scenario. Wouldn't you have to provide the address in post judgment discovery anyway? Thanks for the videos!
Yes. Post judgement anonymity is lost but the asset protection of your LLCs is not.
Can one refinance the property while it's in a trust? What about if one owed personal taxes, would a trust avoid a lien on property? Thanks!
Yes to the refi. No to the personal tax lien.
How much does it cost to set up a privacy trust? Also would this work with a living revocable trust
Yes it works with a living trust. The fee is $750
If I live in NY and buy a house in another state, let's say Delaware or Florida, using a single member Wyoming LLC, will I need to register that LLC as a foreign entity in Delaware/Florida?
y
If it is a personal residence no because you are not conducting business with the LLC.
What is the LLC is 2 members LLC, will the same apply where you don't have to register as a foreign entity if it's a personal residence?
When house hacking a personal residence (i.e. Duplex) with freddie/fannie loan, should you put it in a Personal Residence Trust or Wyoming/State LLC structure?
WY LLC would be my preference unless you have a transfer tax issue then a residence trust into a WY LLC
Great video. If you have the trust or Wyoming LLC Own the house, will you qualify for the homestead property tax credit? I heard usually not
WY LLC - No.. Trust - Yes
Thanks. What if the LLC is from the state where the house is located, would I get the homestead? For example, house is located in Delaware and my LLC is in Delaware and it's a personal property
When filing your personal tax return 1040 and i want to claim property tax and other deductions , dont i have to specify trust name or something related? If yes, then if i get sue and creditor ask for my tax return they will see im related to the trust and start searching. How would all that work when doing taxes and specifying the house deductions?
Correct. The trust does not appear on your 1040
👏🏼💯✅️ Yay, Perfect!
In the video, you mentioned that you will put clint esq as trustee of the trust to avoid creditor finding the owner. You then will resign once deed is recorded . What will happen in a case where things needs to be done to the property like changing zoning or anything that requires permission from the city county or if you get a ticket and you go fight it? Clint esq is the name recorded in the deed. How would the owner go about dealing with the county clerk to get permission to do work on the house if the trust is recorded inder clint esq?
You record the trustee deed you receive with my resignation and it will list you as the trustee on title.
But if I do that then the creditor will find me as the owner. The point is to hide the owner by recording into your name.
@@elmasduro77 Consider using an LLC as the trustee
In some states you can lose your homestead exemption if you take your home out of your name. Do the research and beware.
I did this with my car registration btw.
Would it be more beneficial to designate your Living Trust as the Beneficiary of your Residence Trust, or should you name an individual directly as the Beneficiary?
Individual to keep the homestead protection.
Thanks for the video. Clint, I have a few questions.:
1. What’s the difference between this privacy trust and the land trust and the residence trust? It seems as if they all can operate the same way.
2. For an example like this in the video, we wouldn’t want to make the trust name the same as the property address?
3. If I’m purchasing a house, what type of trust should I have created? Privacy trust, land trusts, or residence trust? And does it have to be a specific one if the property is in Florida? Should I give it a generic name or should I name it after the property address?
4. I thought when you create the land trusts, and as long as you are, the main beneficiary of the equitable interest, and you state that you are the primary residence, then you can be exempt under the homestead exemption. Is that the case still?
You must use a residence trust over a land trust to preserve your homestead. A land trust vests legal and equitable title in the trustee whereas a residence trust only vests legal title in the trustee.
Ok ok. Thanks Clint.
How does a land trust differ from residence trust? Is the title page on the document called the residence trust, for example, 123 Main St. residence trust or will it just be 123 Main St. trust?
So if the bank still has the title, then you can't yet use this strategy. I have to wonder whether a family trust would work, as well.
Not true. Having an existing bank loan on your property does not prevent you from placing your property into a trust. The bank never has title, the bank has recorded a deed of trust to prevent you from selling the property without first paying off your loan.
The loan is still public and would have the borrower name. Correct?
You can always be certain where most players will be by checking their playing season schedule😂
Let's say you want to buy a house and you want to keep it out of any previous judgment from an ex. Would the ex be able to go to court and demand the trust document that would show that you're the owner? Because if you're living in the house, the ex is going to get real suspicious that somehow you still own it.
Maybe they don't need to know other than it belongs to the family. Perhaps have an LLC as the beneficiary. It would be great to know a better solid strategy.
Correct - I would use a WY LLC
Can you send me your information.
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
Clint, knowing these athletes, most of them are incredibly stupid and they don't listen to logic - they listen to whoever they are sleeping with! I guarantee you Mahomes is not protected with any of his assets! Kelsey is dumber than him! Very sad and I do not feel sorry for these guys as they all believe they are untouchable; hence they have to learn the hard way! Great video by the way!
Sounds about right.