Trusts are recognized in Louisiana, however you are correct that some are not recognized this is due to napoleonic law that prevails. So, you can do a sub-2 transaction but under current Louisiana law by the higher courts all involved in the transaction would be or could be disclosed..i hope this helps a little.. sub-2 by way of land trust in Louisiana, IMHO, is almost redundant as the bank could easily find the transaction and could produce adverse results. i have done many sub-2 in louisiana with no problems. in fact i have disclosed my transactions to the lender/investsor on more than one occassion. I wouldnt advise this in any other state. I'm also not against land trusts by any means, i just simply dont have any use for them in Louisiana...good luck..John Lock has an incredible course here on TCI concerning proper sub-2 acquisitions.
yes, take the forms that come with the course to your attorney to make them louisiana specific. depending on where you live i can refer you to my old attorney. attorneys, just like most of us are bound to routine. you must find one that doesnt look outside the box but generally practices this way. trust me when i say to do many phone interviews or you will be wasting precious time pounding pavement..the forms are but a small incorporation of lockes course and more familiar you get with sub-2 investing the procedure of state specific contracts becomes repetitve..presentations get you the house not the paper work..there are plenty of courses on sub-2 out there but i have just found lockes course to be real world, plus, he helps moderate this site, that helps...
Could you give us "cajuns" a real-life example or some written documentation to support your point? From what I've read, trusts are perfectly legal in La and taking title by way of trust only involves the way the dcuments are signed (notarized) and the way in which you would foreclose on a resident beneficiary (tenant). But if you are not holding long-term this doesn't apply and therefore leaves open the possibility of using trusts as a way to aquire properties.
Max
as far as i know trusts are legal in all states, its the interpretation of the formal use of certain trusts in louisiana that are not recognized. just as stated above, in la and appaerently tn., they can be easily penetrated by the courts and even easier by a quick abstract from the lender. i think we all really know why a trust and sub-2 transactions give peace of mind, but in louisiana it would not work. all involved in the trust can be disclosed, not only by the court but in public records as well, unless of course you dont record the transaction via a notarized trust agreement with your attorney. so, yes trusts are perfectly legal in la and you can put or acquire RE via a trust, just dont expect the true reason of sub-2 and trusts to work in la., and if your doing it short term then estate planning is not the issue. i use trusts for what they are intended for, thats all.....good luck.
Trusts are recognized in Louisiana, however you are correct that some are not recognized this is due to napoleonic law that prevails. So, you can do a sub-2 transaction but under current Louisiana law by the higher courts all involved in the transaction would be or could be disclosed..i hope this helps a little.. sub-2 by way of land trust in Louisiana, IMHO, is almost redundant as the bank could easily find the transaction and could produce adverse results. i have done many sub-2 in louisiana with no problems. in fact i have disclosed my transactions to the lender/investsor on more than one occassion. I wouldnt advise this in any other state. I'm also not against land trusts by any means, i just simply dont have any use for them in Louisiana...good luck..John Lock has an incredible course here on TCI concerning proper sub-2 acquisitions.
regards-pat
Are the forms and contract's in John Lock's book usable in Louisiana, sense laws are based on Napeolic Code?
thanks for you time
Jimmy
yes, take the forms that come with the course to your attorney to make them louisiana specific. depending on where you live i can refer you to my old attorney. attorneys, just like most of us are bound to routine. you must find one that doesnt look outside the box but generally practices this way. trust me when i say to do many phone interviews or you will be wasting precious time pounding pavement..the forms are but a small incorporation of lockes course and more familiar you get with sub-2 investing the procedure of state specific contracts becomes repetitve..presentations get you the house not the paper work..there are plenty of courses on sub-2 out there but i have just found lockes course to be real world, plus, he helps moderate this site, that helps...
regards-pat and good luck
A Trust is a moot point (with privacy) in LA and TN, as they can be easily penetrated in court.
[addsig]
Could you give us "cajuns" a real-life example or some written documentation to support your point? From what I've read, trusts are perfectly legal in La and taking title by way of trust only involves the way the dcuments are signed (notarized) and the way in which you would foreclose on a resident beneficiary (tenant). But if you are not holding long-term this doesn't apply and therefore leaves open the possibility of using trusts as a way to aquire properties.
Max
as far as i know trusts are legal in all states, its the interpretation of the formal use of certain trusts in louisiana that are not recognized. just as stated above, in la and appaerently tn., they can be easily penetrated by the courts and even easier by a quick abstract from the lender. i think we all really know why a trust and sub-2 transactions give peace of mind, but in louisiana it would not work. all involved in the trust can be disclosed, not only by the court but in public records as well, unless of course you dont record the transaction via a notarized trust agreement with your attorney. so, yes trusts are perfectly legal in la and you can put or acquire RE via a trust, just dont expect the true reason of sub-2 and trusts to work in la., and if your doing it short term then estate planning is not the issue. i use trusts for what they are intended for, thats all.....good luck.
regards-pat
regards-pat