(Serving Fort Myers, North Fort Myers, Cape Coral, Bonita Springs, Naples, Orlando, Tampa, Sarasota, West Palm Beach, and Fort Lauderdale). In many jurisdictions, such as Florida, multi-member LLCs offer a more solid asset protection plan than the single member LLC. This means that people are not typically confused by your asset protection structure (of holding assets in an LLC) and this means that your daily life may be less complicated. ), At Royal Legal Solutions, we aim to protect your assets. Revocable trusts and blind trusts serve distinctly different functions. The Deed in Trust is the document in which the legal title of the property is transferred to the trust. Although it varies from county to county, a Land Trust may be used to provide additional privacy around homestead ownership. Each type of Florida Revocable Trust has unique language and purpose. (c) “Land trust” means any express written agreement or arrangement by which a use, confidence, or trust is declared of any land, or of any charge upon land, under which the title to real property, including, but not limited to, a leasehold or mortgagee interest, is vested in a trustee by a recorded instrument that confers on the trustee the power and authority prescribed in s. References The Florida Bar: The Revocable Trust in Florida (This is because the property contained in the land trust are considered personal property. I would like to open a land trust or trust In Florida and to put property that I am planing to buy. Hello, thanks for reading and commenting. A confidential consultation is recommended and you can schedule this at info@gibbslawfl.com. A land trust is a type of living trust. Hello Gene, I would suggest having us explore why you’d like the land trust because sometimes LLCs are preferable. So why are there so many different terms to describe the same thing? They are: Illinois, Florida, Indiana, Virginia, North Dakota and Hawaii. So you would typically have an independent trustee and you or your LLC may be beneficiary. When a trustee is designated for an irrevocable trust, they become the legal owner of the assets or property within the trust. A revocable living trust becomes irrevocable when the grantor dies because the grantor is no longer available to make changes to it, but a revocable trust can be designed to break into separate irrevocable trusts at the time of the grantor's death for the benefit of children or other beneficiaries. It's always a good idea to talk with an experienced estate-planning attorney before creating a trust to ensure that it aligns with your goals. A Florida Revocable Trust is a useful estate planning tool. is the Managing Attorney of Gibbs Law Office, PLLC and is licensed to practice in Florida, and California. Estate Planning 4. This is similar to the idea of owning corporation stock. But it also ends with our firm resigning as the trustee and transferring the land trust back to you as the sole trustee. With this easy to understand e-book you’ll get an overview of the 4 KEYS of any wealth protection plan which are 1. consists of an arrangement for managing and ownership of a piece of real estate by three entities For more information about getting a Florida Land Trust visit here. If you have been considering end-of-life plans, you may have heard the terms “living trust” or “land trust”. The revocable living trust also ensure that the right money gets into the right hands at the right time. (This is because the property contained in the land trust are considered personal property. My recommended process to create an LLC is to file Articles of Organization with your State of choice and then have supporting documents created to support your LLC. Finally, an LLC can be set up to avoid probate in Florida either by placing the ownership of membership interest in a revocable living trust in Florida OR by including a transfer upon death provision in the Florida LLC Operating Agreement. LLC fees range from $1500 on up for traditional services but rolling out some web based options in the near future. With a land trust, the property owner is the beneficiary. The states referenced above are the only ones that have land trust statutes and generally the real property must be situated in the State that the Land Trust is created. With a revocable trust, the granter can appoint himself or herself as the trustee. A Florida land trust is different because it is drafted by the lawyer to include specific requirements, and therefore, benefits of the Florida Land Trust Act. How is this possible? SIGN UP and get started today. We’ve also discussed in previous posts what should be considered in creating a Florida LLC operating agreement. There are currently six states with land trust laws. The revocable, or “living,” trust is often promoted as a means of avoiding probate and saving taxes at death and is governed by Chapter 736, Florida Statutes. After all, you invested in the property and deserve the full benefits a land trust can provide. They can freely change beneficiaries at any time. If you’d like a conversation to discussion, e-mail Gene at admin@gibbslawfl.com to discuss. 239-415-7495 info@www.gibbslawfl.com www.gibbslawfl.com. Gibbs Law Office, PLLC 5237 Summerlin Commons Blvd, Suite 316 Fort Myers, Florida 33907 (Serving Fort Myers, North Fort Myers, Cape Coral, Bonita Springs, Naples, Orlando, Tampa, Sarasota, West Palm Beach, and Fort Lauderdale). Scott Royal Smith is an asset protection attorney and long-time real estate investor. Instead, the trust retains the assets until the beneficiaries terminate the trust. (The trust agreement or deed would dictate the level of control a beneficiary has.) Upon death, the property then transfers to the trust’s beneficiaries. In addition to this, as a type of living will, a land trust avoids probate court. When income is earned within the trust, it is distributed to the granter. What is the cost? Upon the grantor’s death, the assets and properties will flow to the beneficiary without having to go through the court system. This is similar to the idea of owning corporation stock. The original owners of the Florida … This means that, if the value of the estate taxes exceeds that of the estate tax exemption at the time of death, taxes may be owed. The overwhelming majority of land trusts we see are revocable living trusts.While a land trust does have some different features in regards to making the owner of the property more difficult to find, the land trust does not protect the asset in any way. The revocable trust has certain advantages over a traditional will, but there are many factors to consider before you decide if a revocable trust is best suited to your overall estate plan. The property contained within a land trust is listed as the name of the trust in public records. LLCs are extremely simple to set up in virtually every State and everyone in the real property world, from brokers to County workers, essentially knows about them. The Trustee will essentially hold the real property for you or your entity of choice as the Beneficiary. Benefits Of LLC For Rental Property Ownership, When Delaware Statutory Trust Trustees’ Hands Are Tied: 7 DST ‘Deadly Sins’, How A Delaware Statutory Trust Attorney Can Help Your Investing Strategy, How The SECURE Act Impacts Inherited IRAs. 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