Quote:
On 2003-12-08 10:13, DerrickAli wrote:
CHECK YOUR STATE'S REQUIREMENTS!!!
Corporate Trustees have a different Qualifying measue by States.
BONDING
INSURANCE
A$$ETS (At least a Few Hundred Thousand)
and REPORTING + AUDITING EXPENSES
NOT TO MENTION --INHOUSE LEGAL STAFF
Are you really ready for all of this?
For my long-term Holdings I'd use a Third-Party Not-For-Profit Corp that specalizes in Trust services or one of the old-liners lik:
Chicago Title and Trust.
Ask around in your local area interview Banks that offer this service...If yu should need help PM me.
The Trustee service fees should AVG. around a couple hundred a year and/or 0.01 percent of the property appraisal.
Hope this helps!
Derrick <IMG SRC="images/forum/smilies/icon_biggrin.gif">
Ali, ron lengrad in his cash flow lesson, he stated that he uses his LLC for truste in his land trust.
Yes.
May I ask why? Saving money? Be careful not to cause a Mell of Title.
Cheers Lucius
[ Edited by nebulousd on Date 12/08/2003 ]
CHECK YOUR STATE'S REQUIREMENTS!!!
Corporate Trustees have a different Qualifying measue by States.
BONDING
INSURANCE
A$$ETS (At least a Few Hundred Thousand)
and REPORTING + AUDITING EXPENSES
NOT TO MENTION --INHOUSE LEGAL STAFF
Are you really ready for all of this?
For my long-term Holdings I'd use a Third-Party Not-For-Profit Corp that specalizes in Trust services or one of the old-liners lik:
Chicago Title and Trust.
Ask around in your local area interview Banks that offer this service...If yu should need help PM me.
The Trustee service fees should AVG. around a couple hundred a year and/or 0.01 percent of the property appraisal.
Hope this helps!
Derrick
Some states allow a corporation to act as Trustee and some require more stringent requirements. Check with you Secretary of State.
Quote:
On 2003-12-08 10:13, DerrickAli wrote:
CHECK YOUR STATE'S REQUIREMENTS!!!
Corporate Trustees have a different Qualifying measue by States.
BONDING
INSURANCE
A$$ETS (At least a Few Hundred Thousand)
and REPORTING + AUDITING EXPENSES
NOT TO MENTION --INHOUSE LEGAL STAFF
Are you really ready for all of this?
For my long-term Holdings I'd use a Third-Party Not-For-Profit Corp that specalizes in Trust services or one of the old-liners lik:
Chicago Title and Trust.
Ask around in your local area interview Banks that offer this service...If yu should need help PM me.
The Trustee service fees should AVG. around a couple hundred a year and/or 0.01 percent of the property appraisal.
Hope this helps!
Derrick <IMG SRC="images/forum/smilies/icon_biggrin.gif">
Ali, ron lengrad in his cash flow lesson, he stated that he uses his LLC for truste in his land trust.
REIB:
No Argument with RL's suggestion ...
However the Original Poster Asked:
Quote:"Can i name my corp trustee of a land trust that im the beneficiary in?"
Although I am not certain if their are a feww State Requied Limitations on LLC Trustees???
If RL says do it this way then I'd still suggest counsel with a weel-versed Estate-Planning Atty. FIRST!!!
Happy Investing!
Derrick Ali
Our company is a California non-profit mutual benefit corporation formed specifically to be a trustee for land trusts
Equity Holding Corporation
P.O. Box 87
Midpines, CA 95345
**Please See My Profile**
Thomas,
what does your corp charge annually?