The "Personal Property Trust" agreement is similar to a land trust in that the trustee is essentially a nominee title-holder acting at your direction. Like the land trust, the paper trust is a revocable, living trust. The same rules for tax reporting apply - there is no gift tax or income tax consequence of placing title to your paper in the paper trust. You still retain full control of your trustee, so no fiduciary tax return is required.
Like the land trust, the primary purpose of using the personal property trust is to keep your name off the public records.
We use land trusts for privacy and protection of our real estate to protect our ownership of notes, mortgages, deeds of trust, leases and options that may appear on public record. Personal property such as cars, boats, mobile homes and other items that are registered and recorded in public places can be protected by the use of a Personal Property Trust.
I am not a lawyer.
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"Dissent is the highest form of patriotism" - Thomas Jefferson<BR><BR>
No.
[addsig]
Can you elaborate? Or is it just No?
The "Personal Property Trust" agreement is similar to a land trust in that the trustee is essentially a nominee title-holder acting at your direction. Like the land trust, the paper trust is a revocable, living trust. The same rules for tax reporting apply - there is no gift tax or income tax consequence of placing title to your paper in the paper trust. You still retain full control of your trustee, so no fiduciary tax return is required.
Like the land trust, the primary purpose of using the personal property trust is to keep your name off the public records.
We use land trusts for privacy and protection of our real estate to protect our ownership of notes, mortgages, deeds of trust, leases and options that may appear on public record. Personal property such as cars, boats, mobile homes and other items that are registered and recorded in public places can be protected by the use of a Personal Property Trust.
I am not a lawyer.
_________________
"Dissent is the highest form of patriotism" - Thomas Jefferson<BR><BR>
[ Edited by mtnwizard on Date 11/16/2006 ]
ok, thanks