What Is A Land Trust & How Can It Help Me?
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- Опубліковано 3 лип 2024
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What is a land trust and how can it help you? In this video, I will provide a full explanation of what a land trust is and how to hide property transfers with this land trust strategy.
“So a land rust is basically a revocable trust agreement like a living trust.” 0:26
Land trusts are made up of three parties, the trustee, beneficiary, and grantor. Together, they ensure that land trusts are legally enforceable and that the terms of the trust are fulfilled.
A trustee is a person or organization who holds legal title to the property, but not physical possession. The beneficiary is the party who will ultimately benefit from the use of the land; they might be an individual, corporation, or government agency. Lastly, the grantor creates the trust and then transfers the involved property.
In this installment of the channel, we want to go over the benefits of land trusts and their use in the real estate industry. Land trusts are an important tool for both consumers and industry professionals to use in their day-to-day lives, as they can help mitigate risk, increase transparency, and provide a better overall experience with land ownership.
Learn how land trusts can influence your life and how you can use them to increase your overall financial stability.
Subscribe to the channel for more quality content like this and be sure to check out our website for more information on land trusts and other real estate topics.
Show Notes:
0:00 Intro
0:12 What is a Land Trust?
5:46 OwnershipTransfer
8:07 Flipping Property
11:21 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#landtrust #clintcoons
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I noticed that you do actual respond to a lot of the comment. Much respect 💯
I try
Great stuff. Thank you.
Excellent video great explanation great job I've used them for years and the only thing I couldn't avoid was the DEQ
I'm ready today I have so much to look forward to
Love this. Thanks Clint
Glad you enjoyed it
🧠💥
Thank you for another gem! You are appreciated, Clint.
My pleasure!
Thank u thank u
Welcome 😊
Clint you always serve the investors...what about us homeowners...we can use these same entities did you know even if your loan not paid in full.
I prefer to put a residence into a residence trust.
If title is already in your name and you transfer to a land trust, do you still have asset protection/liability protection?
Only in Florida. After the property is held in a land trust you will assign your beneficial interest to an LLC.
Great video. Apologies if this was asked before but my home is already in my trust. Unsure how a "land trust" is different?
A living trust does not allow for the assignment of your interest to an LLC for asset protection. A land trust does.
How did Mark Price learn all of this while playing basketball all those years :) Great video seriously.
If my property (2) is in my Revocable Trust-can/should I use a Land Trust- how do I move it to the LT if I should & can ? I’m old !
I bought a small house 30 years go. Then I bought a peice of land adjacent to it and added the two together. Then I built another house on the added land and used the first house as a rental for about 25 years until the township made me divide the two parcels to satisfy the ordinance requirement of only one residence per lot. My current mortgage describes both lots and both homes as the collateral. My deed is a registered ladybird deed. Should I put the properties into a land trust instead?
Yes I think the land trust would be a preferred option to using an LLC.
Great information as usual. Thanks Clint. I've signed up for a future workshop but until then I have one question. How do California (LA County) property tax assessments affected by assignments of the land trust agreements? Would it simply require voluntary notification of the "transfer" of the underlying real estate (or the agreement) since it is a private/unrecorded transfer? Or are the assignments not subject to possible reassessments of the underlying land? Thanks.
You must file the PCOR when the assignment would result in a reassessment.
@@ClintCoons Thanks
Clint, what about using C-Corp as a management entity? Running your LLC’s through it for the tax benefits?
That works.
How do you change the beneficiaries in the land trust from the original owners to the new owners after having purchased the property from an investor?
You assign the interest to the new owners then the new owner will restate the trust agreement.
You mention the end buyers, the couple who is going to buy to raise a family; should they have the property in a land trust?
Yes but put it in a residence trust.
Does a Land Trust need to be notarized? I believe many States don't have case law on this, but I'm questioning whether Title Companies or servicing companies require it
It does not but title companies can always require it.
I’m happy to have my land trust agreements from sellers notarized, I even take pictures, getting it done, if I’m doing it in person
No
Isn't a Land Trust (Grantor Trust) subject to the grantor’s creditor claims, therefore defeating the "LLC as Beneficiary" structure?
thanks for sharing, if i have a rental property under my personal name, now i want to transfer it to a land trust with my llc as benificary, how to keep my title insurance valid?
Use a warranty deed.
Hey Clint, another great video! Helpful breakdown as always 👍
I've got 2 questions: 1) When buying Subject To the existing mortgage, would you suggest making the Seller the Beneficiary, then have them assign their interest to your (the buyer) LLC?
2) Should the Grantor be an LLC as well?
1) Of course I'm not a lawyer so this isn't legal advice or anything, but from what I understand using a land trust the way you described for a subject-to deal isn't the way to do it. You are the buyer who is going to be paying the mortgage for the seller in exchange for the deed on their property. You would create a land trust and that land trust is going to be the buyer. The trustee of the land trust is an LLC in a state like Delaware or Wyoming. The beneficiary of the land trust is going to be another Wyoming or Delaware LLC. The seller and the trustee sign the purchase and sale agreement. Since the trustee is an LLC you would set up a bank account for that LLC just like normal. That bank account is where the mortgage payments for the property are going to be autopaid from every month.
2) The grantor of the land trust could be an LLC, or it could be a human being. There's pros and cons to each.
@jalabi99 Thanks for the info. My strategy was to avoid the bank calling the due on sale if they see the Beneficiary of the trust is not the owner.
What you explained makes sense if the due on sale is of no concern.
@@AberrantArt That's not when the bank will invoke the due on sale clause. 99.999999% of the time the due on sale clause is never invoked. Because as long as the mortgage continues to be paid, the bank doesn't care. In the 0.000001% of the time the due on sale clause does get invoked, Clint has a video where he explains how to quickly fix that problem.
@AberrantArt You could but I prefer to use the buyer as the beneficiary. The beneficiary LLC could be listed as the grantor.
@Clint Coons Esq. | Real Estate Asset Protection got it. So our first LLC as Grantor and Beneficiary, second LLC as Trustee. 👍
Would you recommend a land trust for my own personal residence or are set up more towards Investment/Renal Properties.
A residence trust provides you with anonymity hence why I recommend it for your personal residence.
Are there hurdles for insurance if you've transferred the property (deed?) to a trust?
No but you will want to name your trust as an insured.
I have an LLC and I’m thinking about doing a Land Trust. How would this work if I want to refinance? What would you recommend?
Depends on when you plan to refi the property. If you are going to refi it soon (within 3 months) wait to move it. If it is longer then I would move the property in now.
How do you file your taxes if you have property in a trust and still have a mortgage on it in your name with it being in an LLC or or a land trust?
It will pass through to your 1040.
If my attorney already transferred my rentals to a UT series LLC? Can they be transferred back to a trust? If so how would it be the best way to do it?
You would transfer the property from the cell to the trust. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
I have a ground lease that has been recorded, not a deed. Can I put this into a land trust and would the structure function the same as if the asset was a deed?
Yes
Question: I own my land and my mortgage is paid off. Is there a way to transfer my land into a trust without having to pay off existing leins that have been put against the land? (my ex had some debts over 30 years ago that are still on the deed, even though he is long gone). Thanks
Absolutely. We help people do this everyday. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
@krisbryant4963 Do you still have to pay those liens after 30 years? Is there interest?
If there are more people in the trust can you sell portions of the trust?
Yes
How does the trust (once set up) purchase assets? Or obtain them?
They would be purchased in the name of the Trustee of the trust e.g., John Doe trustee of the red wing trust.
If my property is held in a LT and I apply for a STR permit, can the city lawfully demand a copy of the entire trust agreement as approval condition?
Yes.
@@ClintCoons Thanks for all this info. To make sure I understand correctly, if @amp7816 is listed as the beneficiary, is she then required to show the second page where the LLC was assigned the beneficial interest? (Perhaps she will want to do this anyway. I'm not sure why she wouldn't.)
When selling, title company require a real person to sign statement of authority
(Name of trustee which is a wyoming llc) and it's public record. if the name of the manager of wyoming llc is on statement of authority and its recorded, that destroy the anonymity.
Is there a work around ?
I don't think it would be a major problem because the Beneficiary is the one with liability, not the trustee. So if someone wants to sue you, it's the Beneficiary that they would go after. This is just my guess, I'd be curious to know what Clint would say.
Of course I'm not a lawyer so this isn't legal advice or anything, but from what I understand: the trustee is a Wyoming LLC, but any human being signing does not necessarily need to put their name. They just sign it and follow it with the words "as Trustee, Blue Box Trust". Even if they do put their name (signing it, followed with the words "J. DOE as Trustee, Blue Box Trust" - first initial then last name), since they are just the Trustee of the trust there's no break in anonymity.
@AberrantArt - @jalabi99 gave you the answer.
@jalabi99 thank you for the tips, if I understand correctly, you're saying for the LLC being used as Trustee, I could sign "[scribble] as Trustee of Blue Box Trust" and not need to put my real name anywhere?
@@ClintCoons thank you for confirming! I guess your videos have taught me a thing or two 😊
if my sole goal is to A) protect my privacy not allowing someone to search my name and find my address B) some form of shelter from lawsuits
for a house, land trust is the best solution correct?
Grantor: you
Trustee: llc you create
Beneficary: whoever i want to have the house when i pass?
If there is no actual filing, whats to stop someone from saying they have a pretend land trust or whatever and doing fraud? Can 2 people be on the land trust as equal owners? If you dont have an llc as the trustee, how is your privacy exposed?
Yes and you need a virtual business address for the tax statements.
Now who would you talk to about setting this up what type of an attorney trust attorney I would really like to talk to you more about this if possible thank you Eric great day
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Clint, I have 100% equity and low personal debt. Where do I start to establish a land trust in Washington state? Been considering for years....
Lets discuss. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Can I put more than one property in a land trust
Yes but it is not advisable.
If property is in Florida and trustee is in WY, and property is rental property, does the WY LLC needs to be registered in FL?
If so, will it lose the anonymity aspect?
We typically use a WY LLC as the trustee of a FL land trust. The WY LLC does not register.
@@ClintCoons but Florida state law indicates that the holder of title in a Florida property must register in the state
Please explain
Clint,
I have a rental property with a VA loan. Lender doesn’t let me transfer it to a LLC.
I want to create a Wyoming LLC and land trust to transfer the property. And then foreign apply in CA where the property is at. I’ve reached your team through email but I haven’t heard back as of a week ago.
I will have someone reach out to you today.
@@ClintCoons Thank you!!
💰💰💰
Can you use a land trust on a property with a VA Loan?
Yes
I want to use your services mr. Clint how do I sign up
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
It is fraud to set up a trust solely to avoid a court-ordered seizure.
Yes, the trust can have that effect. But it has other effects. Never set up a trust to avoid a legitimate court order. (Or don't get caught.)
Also, trusts are complicated. Get competent legal advice in your jurisdiction.
Could you write in English please?
WTF is he scribbling on the board ?
Good info, but damn my guy😅 you have horrible hand writing
Ha Ha. Thanks for watching.
Illegible writing on a white-board is unhelpful… actually no, worse than that-it’s useless!
To you (certain ppl)
You have taken a long time to covert the basics. Verbose and lack structure. You really should think about a do over.