Transfer Of Income Property To A Land Trust
Can anyone tell me who should be the trustor, trustee and beneficiary in the case that I will transfer my income property into a Trust where I have an LLC to hold property? I think the LLC would be the benficiary and I the trustee.
Also, is there a specific form in this case where I seek protection and have no children just a spouse?
[ Edited by veronica08 on Date 03/16/2009 ]
Hi Veronica,
You might need to hire an attorney KNOWLEGEABLE in land trust law in your state. Next, it would have been easier to buy the property as a land trust but since you are considering transferring may I suggest by no means list your NAME anywhere on the agreement. If you do you will be liable for lawsuit if someone is injured on your property(for example). Having your LLC listed as beneficiary is a wise step assuming you own it and I strongly suggest you hire someone you trust to be your trustee(even your attorney) with a different name for $100@ year. I have a generic land trust form and would gladly send it to you.