Trustee/beneficiary For Land Trust...
Howdy.
A quick question on use of the land trust. Can the company named as trustee in such a trust also be the beneficiary? My wife and I have set up a property management corp; we've drawn up a trust for a piece of property to close at the end of the month, making the corp the trustee, but being the corp officers, we were thinking of making the same company the beneficiary. Is this kosher? Is it advisable? What are the pluses/minuses?
Thanks for any info; we LOVE this site... 
If you are wanting the anonymity of a land trust, you might not want your corporation to be the trustee. Most corps (depending on the state) can have the officers/managing members looked up. Some people use a lawyer for the trustee and the corp as the benificiary.
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Thanks.
(Any suggestions on who I might get to act as trustee? The property is in Reno Nevada.)
Bill Gatton where are you?
Lots of times an atty. is named as trustee, because he/she CANNOT normally divulge ANY info given him by a client.
Atty also has lots of ethical obligations so your assets are normally safe & well accounted for.
In these atty-trustee deals I like to use some lawyer member of a large firm, because those firms normally have better accounting & accountability systems in place than the small 1-5 lawyer firm. Same ethical obligations, but they do tend to heed them more carefully & religiously.
Some good honest pvt laymen trustees do exist also...one I know and trust is Tom Standen of North American Loan Svg. Co in MidPines CA.
Tom is a tough ex-CHIP (Ca hy patrol), whose stand is that even if somebody were to subpoena him, he'd refuse to divulge any client's business...and knowing Tom, I think he'd do it.
As I get the story, Bill Gatten recently persuaded Tom to go into the business as a service to Gatten's clients and others.
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The beneficiary and the Trustee should NOT be the same entity.
When using a land trust ONLY for privacy, it doesn't make as big of a difference (although you still shouldn't), it is definitly important to use separate entities once your trust is becoming more functional.