Transfering Into Land Trust

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Hi i am transfering deed into a land trust on the TP584 Form what SS# should i put in ?

Also why is a Land trust better then a LLC ?

Comments(7)

  • Tedjr19th December, 2003

    What is a TP584. All you need is a deed. Who said a trust is better than LLC? If we know what you are trying to do by putting property in an entity we can help you decide which to use. Costs are a factor too. To file LLC is $200 greenbacks in Texas at Sec of State plus forms etc. Do not need to file trust anywhere but it does nothing but hide the owner. Great questionsto ask but you need to know the why and what and costs

    Good LUCK and HAPPY HOLIDAYS

    Hope this helps some

    Ted Jr

  • sruly19th December, 2003

    hi thank you for your help a TP584 is a form goes together with every deed being recorded and ther you have to fill in SS# from the grantor and grantee .


    my question on land trust vs LLC is why am i more protected from a lawsuit in a land trust ?

    because even they find my name as a Prez. of the LLC but could they take if i am Limited ?


    [addsig]

  • DerrickAli19th December, 2003

    SRULY:

    Nice to meet you!

    You may use the SS# or EIN# of the TRUSTEE if this is you then use yours.

    Also as TEDJR replied and asked you:

    What exactly are you looking to accomplish?

    I'm still unclear as to what you are attempting to carry out.

    Both an LLC and Land Trust have possible A$$et-Protection features

    (IF STRUCTURED PROPERLY)

    but this leads back to what both TedJr and I asked:

    What are you trying to do?

    Derrick Ali

  • sruly19th December, 2003

    ok i am a lanlord on a rental property and i want to protect my self from being sued from tenants so what is better a land trust or LLC ?

  • DerrickAli19th December, 2003

    Sruly:

    I use a Trust and the two-member LLC is the beneficary of the Trust.

    Safe
    Private
    and
    Flexible when or if ever I need it!

    Hope this helps!

    Derrick

  • omega122nd December, 2003

    Derrick sad:

    "I use a Trust and the two-member LLC is the beneficary of the Trust."

    ------------------------------------------

    if you go through Nevada S Corp or LLC you can hide your identity completly. Some of the corp formation companies would secure for you a Nevada Address, Telephone and 3 memeber board that will resign right after the corp is formed.

    In Derrick's example, I just wonder what is heapening when the LLP expire. But then, I do not know the mechanics of Trust so I cant comment on flexibilty of asigment and re-asignemen when dimed necessary. How I understand it is that Trust is like a saving account that keeps the assets in the name of X party LLP.

    What is the mechanism of changing beneficiary? Let's say from that LLP to S Corp?

    omega1[ Edited by omega1 on Date 12/22/2003 ]

  • DerrickAli22nd December, 2003

    Beneficiary(LLC) mutually consents to direct the Trustee to Assign all of their Bene. Int. to the S Corp.(new Beneficiary)

    This can be done 'Silently' and does not involve any public recordation.

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