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Taking Deed In A Trust

saniche profile photo
  • Friday, November 21, 2003 @ 03:56 PM EST
  • 4 Comments

Hi, in the past when having homeowners deed me a property I would fedex the land trust doc's out of state to an inlaw who would sign as trustee as "123 main st trust" and send back. . Not wanting to jump through hoops each and every time I want to take title to a property is it necessary to do this?

I have an S corp setup (I am 51% owner of and spouse is 49%) should I have the S corp be trustee and myself be beneficiary?

Or would it make more sense to have myself as trustee and the corp be the beneficiary?

These properties will be held "subject 2" with an exit strategy of "lease option".

Thanks in advance

Comments(4)

  • DerrickAli
    DerrickAli21st November, 2003

    Sanchie:

    Real edgy getting an Out of State InLaw to take Trusteeship!!!

    An ATTY would have to supoena out of State (COSTLY) !!!

    However CUMBERSOME for you to get things done w/o FedEx hhuh?

    Also, what's your Strategy should the God call them forth early??
    Have you planned for their untimely transition and the possibilty of "your" Trust becoming part of "Their" PROBATE???

    Sanchie you culd do the LLC(bene) YOU(Trustee) if privacy is less important to you than CONTROL + CONVENIENCE.

    Just review your Trade Offs (Goods vs Evils)

    The Exit pln of L/Oing the property sounds correct.

    Just make sure that the option is an option to acquire Bene. Interest in the A$$ETs of the TRUST that 100% owns the proprty held in it.

    Best of Good Fortun to You!

    Derrick Ali

  • no photo
    Ichabod21st November, 2003

    So you use a Trust to take title, Derrick?
    Or do you do so by just using your LLC/Corp. instead of not using the Trust.

    I know $Cash$ does not use trusts...he buys with corps.

    I am, personally, torn between which way to go...

    _________________
    With the proper motivation, the right amount of drive, and a pack of Mentos (R), you can accomplish anything.[ Edited by Ichabod on Date 11/21/2003 ]

  • no photo
    saniche21st November, 2003

    Derrick,

    So are you saying it's not a good idea to have an out of state trustee with a different last name?

    I guess I need to decide what to do if she dies.

    We're presenting the idea of taking title in llc's with our attorney next week.

    Thanks

  • DerrickAli
    DerrickAli21st November, 2003

    Sanchie:

    Yes!!!
    And a non-blood relative as added Co-Bene. in the Trust also furhter insulates (A$$ET-Protects) You.

    Better yet your RE Atty. (if familiar w/Trusts) may inform you to make the LLC a Co-Bene. in the Trust.

    If PRIVACY is your goal then make the LLC 100 Percent Beneficiary and you'll be able to KEEP YOUR NAME OFF The TITLE COMPLETELY!

    Best Regards to you!

    Derrick

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