Purchasing Property With a Land Trust
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- čas přidán 24. 07. 2024
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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Thanks for this video ! You saved my skin on this one!
This guy reminds me of you better call saul
Is there a way to obtain a copy of the materials you provided during this lecture.
how would I be able to get a copy of the land trust?? thank you really appreciate your information and your energy
Great content
Um..no worries!..you are establishing the 'Land' trust for anonymity control nothing more!..If you are looking for 'protection' establish an LLC as your 'front' for your venture.If you are looking for 'Asset + Tax consideration' you can consider establishing a 'Donor program(501c)' directed by the LLC. Some things to consider!?..
charles keeton
Wow.u said sum gd things..
U know something....
I always wanted to know how to put a land trust to work. Thanks.
Glad to help
How could your scenario with the legitimate transfer of Assignment to another LLC, work if your notarized assignment has a filled out LLC name when dated?
That assignment document isn't part of public record. It is your private document. If you are willing to defraud you could shred that document and make a new copy with a new LLC listed
@@loveflying4488 I think the bugger issue would be when the lawyer asks for (and gets via discovery) the financial documentation, they'll see that LLC 1 had been receiving the funds. If LLC 2 owns the LT (as you're claiming with that assignment), then you've co-mingled funds which will invalidate and merge the LLCs.
show me how to set up a land trust,to purchase this property.in memphis,tn ...will you help me ,by setting up a trust...
Yes we set up land trusts for TN real estate
Can you still move the property into a Trust even though you have a heloc on it that you owe along with the main Mortgage?
Yes, you can although it may violate the due on sale clause however, this does not imply your bank will accelerate the mortgage.
Question the 250.000 grouping is the amount protected under the homestead act?
Depends on the state. 250k is the number associated with selling a personal residence and not being taxed.
If someone sues the land trust (the owner on the title of the property) will the holdings (interest assignment of property to holdings) protect the trust? Or would there be no protection? I have heard of trusts being signed over to the victims of the cases.
Yes that is the purpose of the assignment - to make the LLC pick up the liability and not you personally.
Hi Clint, While researching Land Trusts i came across a publication by Washington & Lee University School of Law that states that the beneficiary does not hold legal or equitable title in a land trust. The beneficiaries interest is treated as personal property. Which would imply that it is immune from personal debts just like other personal property is treated. Is that true or is there something more to that ?
Not at all. Sherif's sale is all you need to take someone's personal property. This assumes you have a judgment you are executing on.
@@ClintCoons Thank you
The statute [12 USC 1701j-3(d)(8)] and the federal regulation [12 C.F.R. 591.5 (b)(vi)] say the transfer of a home into an inter vivos trust does not trigger the due-on-sale clause. However, the borrower must remain the beneficiary and must be an occupant. If you use a land trust on a non-owner occupied property, you are not protected from the due on sale clause.
Statute
"...a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property;"
Regulation
"A transfer into an inter vivos trust in which the borrower is and remains the beneficiary and occupant of the property, unless, as a condition precedent to such transfer, the borrower refuses to provide the lender with reasonable means acceptable to the lender by which the lender will be assured of timely notice of any subsequent transfer of the beneficial interest or change in occupancy"
2:36 "It's going to show that you're the Trustee..."
No, it will show that you're the *Trustor.*
Someone else, other than a beneficiary, must be nominated as the Trustee.
Not exactly true. You can be both trustee and beneficiary but not the SOLE beneficiary.
14:50
So why exactly can't one LLC assign the trust to another LLC?
Good question, please explain Clint. thx
Hi Vladimir. Were you able to find the answer to your question? and also why you can't directly transfer title from one LLC to the other on 13:00?
It is because doing so would constitute a change in ownership for the property. LLC1 is transferring ownership to LLC2 which may trigger a reassessment depending on jurisdiction.
By having the properties within a land trust, and assigning beneficial ownership to first yourself and then LLC 2, ownership of the underlying asset is never changed. The land trust is always the legal owner of the property. What is changing is beneficial ownership.
dude looks like if John Cena and Saul Goodman had a lawyer
I’ve tried to do business with this company and had an appointment with a non attorney sales person that was giving me legal advice. No, I’m not rolling with it Next!
who are you doing business with? I need someone to help me with these things
How about series LLC?
Great tool. Check out my CZcams channel for several videos on Series LLCs
Is this a course I can take from this guy?
Yes andersonadvisors.com/bulletproof-ss/
Trust are 30 pages long??
They can be
Is there a way to buy directly in the name of the trust without having to set up a bank account? I'd rather not have to setup an account for ever LT if I can avoid it.
Yes if you are buying for cash
@@ClintCoons I knew I had to use cash. But I thought you said in the video that I'd have to put the cash in the LT's bank account and use that to buy the property.
@@donireland6218 You do not. Many people fund it with cash from other sources e.g., personal account or LLC account.
@@ClintCoons at 0:50, you said that I'd need to have a bank account in the name of the trust.
Are you able to answer a question quickly if I ask
huh?
@@ClintCoons got it figured out but thank you for reply
WHERE/HOW does One even begin to understand and control One's business, and personal finances, properly, and effectively, within the MAZE of rules, and regulations, that thwart the little guy?!.......
guloguloguy hire a financial advisor lol
On the private side 🤔
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I hear you . Yes cousin my name off my Father and mother deed of Trust on the deed can see my name wow I have try to get help that cousin fraud forgerty my name wow. Now I am down in out. Can't hang no more after all these years living a free life in both my deseced parent porperty. I can be at home. Wow . Thank you Sir.
Horrible situation and unfortunately it is more common than many people realize.
This is Biblical!!!
20 properties(=) 20 land trust? Seriously!!!
Think of it another way. How many properties would you be willing to lose in a lawsuit - 3, 5, 10, 20? Your answer will determine the level of protection you should consider.
Lol great point