Land Trust Agreement - Need 2nd Set Of Eyes To Review
Hi all. I'm a newbie. Together with my attornery we've put a land trust agreement together. The beneficiary will be my LLC.
I need anyone who has experience with these to give me their two cents. My attorney who put this together said he was "somewhat" familiar with these type of agreements, but I've got the uneasy feeling that he may be winging it. I think he model it after a living trust agreement, not sure.
I can e-mail the form to those that are qualified to give a friendly opinion. I will not take your critiques as legal advice, but just friendly suggestions.
Thanks in advance for all interested in helping.
Tell him to research "Illinois land trusts" and to see if they have been recognized in your jurisdiction. While they are usually not called "Illinois land trusts" in other states, that is where the basic structure of what we are talking about started.
This should give him a better frame of reference if he was off track.
Sure, I'll be glad to look at & critique, so email away.
My rates are $1000 per hour (only kidding ).
By the way, there is no jurisdiction in the USA where a trust cannot own RE, so this isn't really any issue.
It may, or may not be the best ownership entity, but it's legal as apple pie everywhere in the USA.