Can I Be Trustee And My Llc Be Beneficiary On A Trust For My Home?

just curious.

I am a member of the llc so would this be seen as me being the beneficiary and the trustee?

and if so is that allowed?

Verb

Comments(9)

  • nebulousd1st April, 2004

    what are you trying to accomplish?

  • verbatim1st April, 2004

    just put a home in a land trust.

  • nebulousd1st April, 2004

    Yes you can do it this way but I guess I looked at the "my" word to hard.

    You weren't asking to do things this way so you can put your personal home in a trust were you?

  • verbatim1st April, 2004

    no an investment property

  • knucs9th April, 2004

    Verb,

    If you are going for anonymity and asset protection, you being named as trustee blows that idea.

    Kelly(WI)

  • sanjosee9th April, 2004

    For privacy put your LLC as the trustee with you as the bene.

    The beneficial interest is a private document & should not be recorded .

    For asset protection you should have another entity other than yourself as an individual as the Bene.

  • Erick9th April, 2004

    Hey, what's wrong with having your LLC as both the trustee and the beneficiary?

    The LLC, afterall, can be anonymous by using someone else as your authorized agent to submit the Arts of Org filing.
    so, privacy and asset protection.

  • commercialking11th April, 2004

    I'm not familiar with Tennesse practice but if they have land trusts I assume that the "normal" way to handle this is that a bank is the trustee. For the few dollars a year it costs to get them to do it-- I'd let a bank be the trustee unless you've got some compelling reason not to do so.

  • bgrossnickle12th April, 2004

    LLC as benefical has much better assest protection than you as beneficial. In a FL land trust, the same entity can be both a trustee and the beneficial.

    Brenda

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