How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Legal question
Type Your Legal Question Here...
characters left:
6 Lawyers are Online Now

Land Trust Agreement

Land trusts agreements between a person or an entity for another. The trust is designed to protect the owner by having the property in trust of another individual or a business. There are many benefits of having a land trust. One benefit is in the event of sale, the amount of the sale will be kept from public view or record. People who live outside of the country can have their land held in a trust for future use. A land trust can be used to avoid probate issues. There is usually no need to hire an attorney when entering a land trust. To learn more about land trusts, you should look at the questions below that have been answered by Experts.

I am 1/7 beneficiary of a Land trust, I have had rental income reported on my tax return for at least 13 years. The actual money was never given to me. Can you explain why?

To understand the full extent of what is being done within the land trust, you would probably have to conduct an audit. However, a person can have taxable income without ever having the actual cash. Taxable income isn't necessarily connected to available cash that is to be distributed. For example, there are situations that require money to be spent, but these things don't create deductable income. If the land trust earned $500 in net taxable income but had to pay the same amount to the principle, there would be $500 in taxable income but there wouldn't be any money to distribute.

Can an executor of a land trust use the property in trust for a personal gain?

While there are no laws that stop an executor from using the property for personal gain, if the executors gains are impacting the heirs funds from the trust or going against the grantors wishes, you might be able to sue the executor for damages resulting from the acts. Another thing to know is the executor must claim all gains from the trust on their personal tax return. The executor's main role is to divide the estate properties as the grantor (deceased) has directed.

My rental property is under a land trust and a LLC, I am a managing member. If I need to evict someone, do I need legal counsel or can I represent myself?

An LLC is generally used as a tax device and probably wouldn't be used. However, if the LLC and Land trust are connected, it may be a situation where all the members of the LLC sign the pleadings and go to court. Usually, the trustee of the land trust would be the one to file the petition with the court for the eviction. You may want to show proof of how the LLC and the trust are connected. If you found by the court to not be qualified to represent the trust, you can have the trustee of the land trust appear at the court proceedings and you both can represent the land trust and the LLC.

Can I set up a land trust in Michigan to protect my home from creditors?

Attempting to protect your home from creditors by using a land trust would appear to the court that you were trying to avoid or defraud the creditors who get a judgment against you. Generally, the court would void such actions later on in the judgment process. It will only take the creditor to claim you deliberately placed your home in a land trust in order to avoid attachment of the home.

Many people use land trusts as a means of safeguarding their property. These people allow another person to hold the land to avoid potential probate issues and some even try to avoid creditors. Before getting involved in a land trust, you should ask an Expert for assistance in making the right choices for the right reasons.
Ask a Legal question
Type Your Legal Question Here...
characters left:
6 Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21226
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21226
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18400
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8496
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3859
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)
 
 
 

Recent Land Trust Questions

  • I need to secure my interest in my primary residence that my

    I need to secure my interest in my primary residence that my girlfriend and I own. As director of a land trust here in Sarasota, FL, I recently directed the trustee to transfer the deed into both our names, which has been done. Now that my girlfriend has an interest in the property that I purchased, I feel like she is trying to have me removed from the property by whatever devious scheme she can come up with legally. The only issues that come to mind are that she may call police to arrest me because she has guns that she may bring on the property, to which I am a felon (20 years ago) & am not supposed to be around them. At the moment we are still behaving civilly but I don't trust her. What can I do to secure my interest & do either one of us have the power to have non-violent guests of each others' removed legally? Thanks!
    -Mike
  • I live in Massachusetts, my friend wants me to become the Trustee

    I live in Massachusetts, my friend wants me to become the Trustee of his land trust...

    what financial/legal liability or exposure will i have? should there be language in the trust to protect me?
  • my rental house is flooded.The electrical wiring is almost

    my rental house is flooded.The electrical wiring is almost useless,ceiling, acoustical tile is down.I've informed and shown the custodian the litany of life threatening problems to no avail.I have lived here for years without even a late payment .I gave the Fetters land trust,from who I rent $3200.00 to move in and if they would return it or some of it I would move.My cieling tiles are black mold encrusted and I am very ill.I need help,what can I do?I am a disabled senior,please help
< Last | Next >