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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.

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Tina, Lawyer
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Recent Land Trust Questions

  • 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?
  • 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 cannot afford an attorney. My situation is that I am a beneficiary

    I cannot afford an attorney. My situation is that I am a beneficiary of a land trust (my deceased mother and father's home and land). I do not have Power of Direction because my brother does. The home was sold on an Installment Contract (Articles of Agreement for Deed) The buyer has lived in the home since January 2011 and had until January 31, 2013 to come up with the financing. She did not come up with the financing. I have asked my brother for my equal share of the monies he had received to date from the buyer (somewhere in the $40,000 range), but he refuses to share out. His attorney advises hime that he does not have to share out because the estate has not settled and he paid bills from the rental/mortgage payments. I have asked repeatedly for copies of receipts for the bills that were paid and they refuse to give them to me. My brother has now collected over $40,000 in rental/mortgage payments from the potential buyer. I have received nothing. His attorney is further advising him that he would not have to share out because the home did not "close". I thought I read somewhere that any payments, whether they are rental payments or mortgage payments, "all" beneficaries listed on the land trust are to receive equal shares of proceeds and that is how it is written in the land trust document that I have and that is how my parents wanted it. Why does my brother get to keep all of the money that he has received so far from the buyer/renter? His attorney tells him that because the payments received were considered mortgage payments and not rental payments (although the buyer had an option to buy the home, meaning rent with option to buy - the installment contract), he does not have to share out and his attorney is telling him that because there were bills, he does not have to share out. Why am I not being given any proceeds from the monies that have been received from the buyer/renter? It is as if my brother is ignoring the fact that I am an equal beneficiary and he wants to keep the home for himself. He hangs up on me when I call him and I have had to go through his attorney to get questions answered and that has generated attorney's fees. Could you please help me? I am afraid that I am losing my inheritance and my brother is taking it right out from under me because he knows I cannot afford to fight him. I need your guidance. Thank you.
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