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Recent Land Trust questions

My mom has been paying an annual fee of $110.00 to chicago

My mom has been paying an annual fee of $110.00 to chicago title land trust co for years.I am daughter and wondering whether we should continue paying.She is nearly 90 and owns a small bungalow and does not have large assets. thank uou in advance

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Ely

Counselor at Law

Juris Doctor

63,644 satisfied customers
A law firm is the trustee of a land trust I hold property in.

A law firm is the trustee of a land trust I hold property in. Not a huge amount. Can any person from that firm sign as agent of the firm as trustee at my direction? Does the human who originally signed on behalf of (as agent) for the trustee have to be the exact same person or since the firm is the trustee, not the human being, can anyone authorized by the firm sign?

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Loren

Juris Doctor

36,210 satisfied customers
Buyer attached a deposit check (which I never deposited or

Buyer attached a deposit check (which I never deposited or cashed still have it) One thousand dollars made out to Seller (who owns property in a Land Trust). We the seller have not been able to satisfy title search requirements since Land Trust agreement has had so many changes which we cannot confirm or verify). This simple 3 page contract was conditioned on an assignment of beneficial interest with beneficial owner financing) Owner as beneficial owner of land trust also no longer interested after all this time to give any owner financing. Thanks, ***** *****.JA: Thanks. Can you give me any more details about your issue?Customer: Contract was made last June 2015 and extended in November to Dec 1, 2015.....still not able to clear title or assign beneficial interest and no longer want to extend old contract. Can we just return their check & terminate.JA: OK got it. Last thing — Lawyers generally expect a deposit of about $36 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Legalease

Attorney At Law

Doctor of Law w/ highest honors

14,902 satisfied customers
I have 8 rental properties that I Quit Claim Deeded into

I have 8 rental properties that I Quit Claim Deeded into Land Trusts. The beneficiary of each of the 8 trusts is 1 LLC. Upon doing this, I had my insurance still have me personally as the primary and then the LLC as "additional insured."All that was fine except that made the liability coverages read now as "Commercial" policies rather than "Personal." I had an umbrella via Farmers (where my primary home and car are) covering on top of all rentals.With the first line liability reading now as "commercial," Farmers umbrella will not cover them.So in seeking to increase my liability since the main policies on these rentals won't go over $1 million, I found another carrier who can write liability policies separately for $2M.So the scenario is:Property 1: General Fire, Dwelling etc. + $1M Liability from Carrier 1. Then separate $2M liability policy (not umbrella) from carrier 2.or to save some on Premiums I could do this:Property 2: General Fire, Dwelling, etc + $100,000 only in Liability from Carrier 1. Then separate $2M liability policy (not umbrella) from carrier 2.My questions then are:1. Are these scenarios acceptable2. If I had a claim, will they both pay out?3. How is it determined who pays out first, etc.?Thank you

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LawTalk

Attorney at Law

Juris Doctor

32,360 satisfied customers
I might have a judgment in the usa against me, I live, and

I might have a judgment in the usa against me, I live, and work over seas, my bank has a branch in the usa, can the creditor do anything by enforcing his judgment overseas,or try to collect from the bank branch in the usa

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Lucy, Esq.

Juris Doctor

29,852 satisfied customers
Hello, State tax Commission determined a tax deficiency

Hello, State tax Commission determined a tax deficiency while I was out of country. The final decision is based purely on a fiction and speculation by the tax commission. However the final decision was made and I have no means to provide 20% deposit and appeal it. Besides, I am out of the USA. I am a trustee and a beneficiary of several trusts (land trusts, living trusts)either directly or through an entity, and I operate a couple of bank accounts owned by entities and not me personally. I also have a self-directed roth IRA whereas this IRA accnt had funded a land trust that still exists. Are these assets in USA in any form of risk? What danger am I facing, when I return to the USA? Thank you.

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Law Pro

Doctoral Degree

23,546 satisfied customers
Can an LLC act as the trustee for a Real Estate land trust?

Can an LLC act as the trustee for a Real Estate land trust? If so, I would like the LLC to be able to buy and sell real estate properties in multiple states under different real estate land trust names. These land trusts would have different beneficiaries. Would the land trust beneficiaries be required to file personal income taxes in each of these states or would the LLC claim the gains?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,464 satisfied customers
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

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Dimitry K., Esq.

Attorney at Law

Doctoral Degree

46,548 satisfied customers
I am the beneficiary of my decreased parents house through

I am the beneficiary of my decreased parents house through a land trust set up in the state of Illinois. My name is XXXXX XXXXX the mortgage deed. What are my rights as beneficiary of land trust?

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Tina

Attorney and Counselor at Law, Mediator

Doctoral Degree

30,302 satisfied customers
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