I have used the tax bill to track down investors that use land trusts but put their home address. Sometimes I have been able to even locate the owner if they used a PO Box on the trust and used the same PO Box on their LLC Registration. It is best to use an attorney as your trustee so they provide a buffer between you and the property. Furthermore, the attorney is protected by client-attorney privilege for being forced to turn over the information.
1- Do not use self as Trustee 2- Do not use home address on Tax Statements 3- Failure to Assign Benefit 4- Do not inform lender 5- Do not refer to trust as a Land Trust
some professionals assume when you say Grantor trust that the grantor is also the Trustee as well as the beneficiary. Considering you want to use a WY LLC as the trustee and possibly as the beneficiary, this would cause major confusion and assumptions of their part.
If I have multipole rental properties, and transfer them to each individual land trust using a same wy llc or a same lawyer as initial trustee, is it easy to be found? do you have any good idea about it?
What do you think about irrevocable trusts? I read that it isnt actually irrevocable anymore depending on how its set up and depending on the state, so its not as rigid as before. Is it better to do land trusts or an irrevocable trust?
Irrevocable trusts do not work because they are inflexible. Once they are created you can't change the trust. With the strategy I am teaching we need flexibility in your ability to plan. the irrevocable trust does not offer that flexibility.
How to put the land trust to my living trust if I have assigned the interest to my LLC? if I put multiple LLCs to my living trust and then I got a lawsuit for one of the LLC, will it impact other assets which in the living trust?
If the LLC is in your trust then the land trust is also in the trust assuming you placed it in the LLC. If one LLC is sued it should not affect your other LLCs.
Your video is great! The points are great information and I mean were those cockamamie states that doesn't accept them, I have utilized all Alternate names for mine. Thank you very much
When you put an encumbered rental into this strategy, should I set up a trust banking account? What account should you use to pay the mortgage and what account should the tenant direct rent payments to?
How is the property insurance handle as far as the beneficiary when the bank pays for the insurance from your escrow account. The bank will notice a change when the insurance company changes the beneficiary.
Why do you choose Nevada over Delaware for your top level LLC? Also, can each property be under a Delaware or Nevada LLC rather than, say, a California LLC where the incorporation fee is much higher?
Actually I prefer Wyoming over Nevada or Delaware. Wyoming is less expensive. I prefer Delaware when I am using institutional financing for a project. Regarding the CA issue watch for my video coming out in 2 weeks on how to structure CA real estate.
If I want to take out HELOC or even a primary mortgage on my properties can I do that with a grantor (land) trust? If not what are the appropriate steps
Made an appointment to speak with an Attorney from this company and was call by a sales person without a JURIS DOCTRINE degree nor a license to practice law.
That's usually what happens, I'm sure your hourly rate was low. Next time tell them you want to pay 300 an HR. My attorney charges 700 an HR. I much rather talk to paralegal if they can help.
Can you set up multiple Delaware/Wyoming/Nevada LLCs and register them to do business in California for buying/holding California properties to avoid the high LLC fees in California?
I have a living trust and I'm listed as the trustee. I was quitclaimed my grandfather's home (currently a rental) and I'm now on the deed. I also have a WY LLC that is manager managed and the sole owner is the Living Trust. I want to transfer my primary residence and my deeded grandfather home into my trust but want the protection. Should I transfer the my trustee stays to my WY LLC or should I create a new LLC for the Trust? I also have a another business I run that is owned by that WY llc.
Consider setting up 2 land trusts - one for each property, with a WY LLC as the trustee of each of trusts. This will take your name off title and provide you anonymity.
@@ClintCoons I already have a living trust with me as the trustee. Should I transfer the current deed from my name into the living trust then transfer trustees or do I need to transfer the trustee into the WY llc before I file it?
An Umbrella policy only kicks in when the underlying policy pays out. Consider you are hit with a toxic mold claim. This claim is excluded under your landlord policy so your umbrella will not kick in and everything is left exposed. Don't get me wrong you should carry insurance but it is just one part of your overall plan.
I do not know enough about offshore to comment on its usefulness. We do not set up those types of structures but I have heard from professionals that offshore can be quite strong in the right circumstance.
I still have a bit not clear. If you don't put yourself as a trustee on land trust from the financing property, the lender gonna see you're no longer own property. Is that gonna be trigger due on sale clause? Thanks Clint
Not likely. Lenders are looking to loan money not own property. I have ever come across an instance of a lender accelerating a note on a property held in a land trust unless the owner did something wrong.
I would open it in the name of an entity you can not be associated with. WE provide all of our trust clients an address in Wyoming or Nevada to route their tax statements to keep their anonymity shield in place.
If someone decides to go into litigation against the owner of a piece of property, does he/she sue the Trust, the Trustee, or the Beneficiary? Is the Registered Agent the one who gets served?
A trust does not have an RA unless it is a Statutory Trust. The Trust will be the named defendant but the Trustee will also be mentioned as the representative of the trust.
And since our Trustee is another LLC, is it the manager or member who needs to go to court? Or is it dependent on whether it's member-managed or manager-managed?
Why do all your videos refer to these Grantor's Trusts as "Land Trusts" if we are never supposed to put the word "Land" anywhere in the Trust document?
Hi Clint. I'm from Providence Rhode Island in the East coast and need help Setting up Asset protection. What is your Email so I can message you with details.
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I have used the tax bill to track down investors that use land trusts but put their home address. Sometimes I have been able to even locate the owner if they used a PO Box on the trust and used the same PO Box on their LLC Registration. It is best to use an attorney as your trustee so they provide a buffer between you and the property. Furthermore, the attorney is protected by client-attorney privilege for being forced to turn over the information.
Exactly, what I was thinking too.
That's what lawyers and Registered Agents are for. :-)
1- Do not use self as Trustee
2- Do not use home address on Tax Statements
3- Failure to Assign Benefit
4- Do not inform lender
5- Do not refer to trust as a Land Trust
Nice and succinct
Awesome video! Thanks for the information!
Great video!
1st visit on his channel & wohoo I am impressed beyond I can express in words.. Thank you. Thank you!
some professionals assume when you say Grantor trust that the grantor is also the Trustee as well as the beneficiary. Considering you want to use a WY LLC as the trustee and possibly as the beneficiary, this would cause major confusion and assumptions of their part.
It does
Excellent info
Thanks
If I have multipole rental properties, and transfer them to each individual land trust using a same wy llc or a same lawyer as initial trustee, is it easy to be found? do you have any good idea about it?
Not necessarily - one could assume you sold the properties to an investor.
What do you think about irrevocable trusts? I read that it isnt actually irrevocable anymore depending on how its set up and depending on the state, so its not as rigid as before. Is it better to do land trusts or an irrevocable trust?
Irrevocable trusts do not work because they are inflexible. Once they are created you can't change the trust. With the strategy I am teaching we need flexibility in your ability to plan. the irrevocable trust does not offer that flexibility.
How to put the land trust to my living trust if I have assigned the interest to my LLC? if I put multiple LLCs to my living trust and then I got a lawsuit for one of the LLC, will it impact other assets which in the living trust?
If the LLC is in your trust then the land trust is also in the trust assuming you placed it in the LLC. If one LLC is sued it should not affect your other LLCs.
Your video is great! The points are great information and I mean were those cockamamie states that doesn't accept them, I have utilized all Alternate names for mine.
Thank you very much
When you put an encumbered rental into this strategy, should I set up a trust banking account? What account should you use to pay the mortgage and what account should the tenant direct rent payments to?
Typically you will pay everything out of the beneficiary LLC. The trust does not have an account.
7:15 Anybody know the name of the act he mention? I didn't catch the name of that act and i rewind 10 times. That act is powerful I didn't know that.
Garn-St.Germain Act
Do you deal with Foreign Trust, if so do they offer more protection than a Land Trust? Thanks
Lawyer told me that I can not use my wy llc as trustee, bcs trustee needs special certificate in Illinois, is that true?
Gates just did same.mistake and was found out but they decided it was still legal for him to buy it :-( big chunk of North Dakota
Interesting - do you have a link to an article on this?
How is the property insurance handle as far as the beneficiary when the bank pays for the insurance from your escrow account. The bank will notice a change when the insurance company changes the beneficiary.
Add the entity as an additional insured. The bank should not have an issue.
How about if you put an LLC from Wyoming or a state where the Owner is private and hidden as the Trustee, wouldn’t that be the best idea or not?
Mike watch some of my land trust videos. I discuss this strategy in detail.
Thanks
Welcome
Why do you choose Nevada over Delaware for your top level LLC? Also, can each property be under a Delaware or Nevada LLC rather than, say, a California LLC where the incorporation fee is much higher?
Actually I prefer Wyoming over Nevada or Delaware. Wyoming is less expensive. I prefer Delaware when I am using institutional financing for a project. Regarding the CA issue watch for my video coming out in 2 weeks on how to structure CA real estate.
can this work in the UK ?
Not sure. The statue of uses may prohibit some application of the land trust in the UK.
Very knowledgeable, very cool!
Does the Merger Doctrine also apply to Living Trusts?
No
If I want to take out HELOC or even a primary mortgage on my properties can I do that with a grantor (land) trust? If not what are the appropriate steps
Need to check with your lender. If the lender will not permit it then you will obtain the HELOC prior to moving the property into a land trust.
Made an appointment to speak with an Attorney from this company and was call by a sales person without a JURIS DOCTRINE degree nor a license to practice law.
That's usually what happens, I'm sure your hourly rate was low. Next time tell them you want to pay 300 an HR. My attorney charges 700 an HR. I much rather talk to paralegal if they can help.
@@drbrycedavis Same here. I was connected to a "Senior Strategist".
Can you set up multiple Delaware/Wyoming/Nevada LLCs and register them to do business in California for buying/holding California properties to avoid the high LLC fees in California?
No California will tax you on each of these LLCs. In 2 weeks I will post a video describing how to avoid CA entity franchise tax.
This was well explained
I have a living trust and I'm listed as the trustee. I was quitclaimed my grandfather's home (currently a rental) and I'm now on the deed. I also have a WY LLC that is manager managed and the sole owner is the Living Trust. I want to transfer my primary residence and my deeded grandfather home into my trust but want the protection. Should I transfer the my trustee stays to my WY LLC or should I create a new LLC for the Trust? I also have a another business I run that is owned by that WY llc.
Consider setting up 2 land trusts - one for each property, with a WY LLC as the trustee of each of trusts. This will take your name off title and provide you anonymity.
@@ClintCoons I already have a living trust with me as the trustee. Should I transfer the current deed from my name into the living trust then transfer trustees or do I need to transfer the trustee into the WY llc before I file it?
awesome video. Now I know what questiions to ask my lawyer.
I am suddenly realizing the worth of working with a business advisor.
If you have say $5M in RE holdings, how does this compare with a simple $5M Umbrella policy?
An Umbrella policy only kicks in when the underlying policy pays out. Consider you are hit with a toxic mold claim. This claim is excluded under your landlord policy so your umbrella will not kick in and everything is left exposed. Don't get me wrong you should carry insurance but it is just one part of your overall plan.
@@ClintCoons Thanks. What about the pros/cons of a Land Trust structure versus an offshore asset protection trust?
I do not know enough about offshore to comment on its usefulness. We do not set up those types of structures but I have heard from professionals that offshore can be quite strong in the right circumstance.
I still have a bit not clear. If you don't put yourself as a trustee on land trust from the financing property, the lender gonna see you're no longer own property. Is that gonna be trigger due on sale clause?
Thanks Clint
Not likely. Lenders are looking to loan money not own property. I have ever come across an instance of a lender accelerating a note on a property held in a land trust unless the owner did something wrong.
Should PO box be opened in your name? In name of one of LLCs? In name of the trust? Thanks!
I would open it in the name of an entity you can not be associated with. WE provide all of our trust clients an address in Wyoming or Nevada to route their tax statements to keep their anonymity shield in place.
Thank you!
Clint! You are the sugar honey ice tea lol. You gave so much information and were straight to the point. Thank you!
Got you. So put it under the name that you give the land trust. Smart. Thank you.
If someone decides to go into litigation against the owner of a piece of property, does he/she sue the Trust, the Trustee, or the Beneficiary? Is the Registered Agent the one who gets served?
A trust does not have an RA unless it is a Statutory Trust. The Trust will be the named defendant but the Trustee will also be mentioned as the representative of the trust.
And since our Trustee is another LLC, is it the manager or member who needs to go to court? Or is it dependent on whether it's member-managed or manager-managed?
Outstanding
"I'm not telling you to commit fraud, but if you do, this is how you should do it" 😂😂😂
You don't need a business adviser, if you have Clint Coot
The Post Office Box would be under your name as well. They could still track and find out who owns the property
Shouldn't the PO Box be in the name of a Member Managed LLC which is owned by a WY C Corp?
Get a post office box with a suite number and get the po box under someone elses name
I am still not clear on mistake #3
You need to assign your beneficial interest to an LLC for asset protection.
Land trust doesn't protect you again a sued it;s a revocable trust. Just gt highest coverage in car and rental insurance and get an umbrella.
So complicated just to have some rental properties
Not really. Think of it like insurance. Once you acquire the protection it takes very little effort to maintain.
If i wanted these properties to leave for my daughter when she gets older, should she be put down as beneficiary?
Can people snoop out the beneficiary names? That would defeat the purpose of anonymity
@@marcduchamp5512 No, as far as I understand, the beneficiary names (and any transfership) are private documents.
I can't believe people really u their own name as a trustee...smh
I thought you had to have a physical address
For a land trust?
Why do all your videos refer to these Grantor's Trusts as "Land Trusts" if we are never supposed to put the word "Land" anywhere in the Trust document?
Google search engine. Investors search for land trusts not grantor trusts.
But you do recommend that the word "Land" is nowhere to exist anywhere in the Trust document, correct?
@@terrycrawford6740 Correct except in Florida or Illinois.
Hi Clint. I'm from Providence Rhode Island in the East coast and need help Setting up Asset protection. What is your Email so I can message you with details.
Reach out to my assistant Deborah at dlewis@andersonadvisors.com
Because there’s no such thing it’s just a trust
Guru who 🤣
*****