Any Advantages To Transferring Properties Into Individual Land Trusts?
I am considering transferring three investment properties I own into a land trust, but I am wondering if there might be any advantages to transferring these properties into individual land trusts.
I previously transferred my properties into a Living Trust and then discovered that my name appeared everywhere in public records.
When I asked my attorney what to do, he recommended that I transfer all three of my properties into one land trust, and then change the name of the Living Trust to take my name out of public records and clear up any confusion caused by me refinancing the properties and transferring the titles in and out of the living trust.
I was told that I would record a deed in which I name another person as beneficiary to both the land trust and living trust to erase my name from public record; then, once the deeds have been recorded, I would transfer the properties back into a land trust through an unrecorded deed.
Since neither the land trust and living trust would be in my name, and because there would be an intermediary beneficiary who would then deed the properties back to me, my attorney said that he couldn't see any advantage to transfering the properties into separate land trusts.
I have heard other investors recommend using land separate trusts for each individual property. In fact, William Bronchick's "Wealth Protection Secrets Of A Millionaire Investor" seems to advocate individual land trusts.
Considering my own situation, I am inclined to agree with my attorney that an individual trust may not be necessary, however I am wondering if any of the readers of this forum have had experiences they can share; or any suggestions which would lead me to reconsider creating individual land trust for each individual property I own.
Also, I am wondering if the value of the property should be a consideration before deciding to transfer each property into an individual land trust? If, for example, we are talking about an investment property that was valued at less than $50,000, is it really worth the trouble of putting it into a land trust?
Any advice you can give me in regard to these questions will be greatly appreciated.
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