I just finished listening to a 2000 version of Louis Brown Street Smart Asset Protection  TRUSTS, cassette tapes.  This was the best resource to date I have had to learn the details of land trusts for real estate.  It covers a few other types of trust such as revocable, irrevocable and living trusts.  It goes over in the first tape why you really need land trust in what situations in life.  It ends on the 6th and final tape in the series about personal property trusts.   Properties are put into land trust for privacy.  The trust itself will have a grantor creator of the trust.  A trustee which will make the decisions and sign leases, paperwork, closing paperwork, deeds, etc.  Then you will have a beneficial interest. You may have more than 1 beneficial interest.

The beneficial interest directs the trustee on what to do with the land trust.  The beneficial interest is just considered personal property.   The equity or value in the property is usually in control of the beneficial interest.   These land trusts are a layer of protection in addition to LLC’s and other asset protection vehicles.  You really want to look into the privacy and the protection they offer.  These tapes will go over what needs to be in a trust.   Personal property trusts will hold ownership of personal goods like paintings, furniture, vehicles, etc.  Land trusts can have management contracts, and the Trustee could sign as the manager on properties, etc.   Land Trusts are on the public record and keep your personal name off of public record.  It’s great if you can take title to a property in a land trust as it keeps your personal name out of the chain of title.   You will file your taxes as a passthrough, and file like you normally would. For example if your LLC is the beneficial interest in the land trust, you would file your taxes for the LLC like normal, if you didn’t ever originally ask the IRS for a tax ID # for the landtrust.  Name your landtrust whatever you want.

You can catch some seminar dates by Louis Brown here http://www.louisbrown.com/calendar.php

To learn more about land trusts you should contact one of the local experts Mike Jacka at MNREIA.com

I will have more detailed updates on land trusts in the future, please stay tuned.

If you have questions about real estate at anytime please email me ron@minnesotainvestors.com

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Here is a book I’ve read and enjoyed on land trusts

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