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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trusts - My Plan Make Sense? Posted by Mark Hamilton on April 21, 2008 at 4:32 PM In Reply to: Re: Trusts - My Plan Make Sense? posted by Jerry - Ca. on April 21, 2008 at 3:27 PM Now that you mentioned it, on the trust tape Ward had two trusts for one property go into a single joint venture for tax purposes. BUT he was the only beneficary on both (and I assume his LLC was the trustee). Yes, I should take the course but given that I live in N. California I don't look forward to the expense - but I am sure it is worth it. So this complicates it. So, I guess the only option is to have one land trust, with three beneficiaries and a third party trustee (like Fin. Fitness or Albany Bank, etc.). It won't save on withholding at sale but it will provide some privacy and, I suppose, a little bit of liability protection (although I understand that it is not much). Yep, I do need that course - too bad there is not a self-study version. : Hello HML: : With Illinois type Land Trusts ... not Testamentary Trusts like you use all the time ... the Legal and Equitable Tile is conveyed to the Trustee and a deed is recorded. There can only be ONE recorded deed transferring legal and equitable title to real property! : I explained that with a Trust having more than one Beneficiary, if a Beneficiary is also the Trustee it invalidates the Trust through the "Doctrine of Merger" which is acknowledged by state law. A Beneficiary acting as a Trustee can hardly be considered a "neutral third party" dealing at arms-length ... like that of an escrow service. : Jerry-Ca. : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : hi jerry, : : you certainly can have 3 separate trusts, each with partial ownership of a piece of property. : : and i cant see why a co-beneficiary cant be the sole trustee. : : perhaps i am not understanding what you are saying. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Now that you mentioned it, on the trust tape Ward had two trusts for one property go into a single joint venture for tax purposes. BUT he was the only beneficary on both (and I assume his LLC was the trustee). Yes, I should take the course but given that I live in N. California I don't look forward to the expense - but I am sure it is worth it. So this complicates it. : So, I guess the only option is to have one land trust, with three beneficiaries and a third party trustee (like Fin. Fitness or Albany Bank, etc.). It won't save on withholding at sale but it will provide some privacy and, I suppose, a little bit of liability protection (although I understand that it is not much). Yep, I do need that course - too bad there is not a self-study version. : : Hello HML: : : With Illinois type Land Trusts ... not Testamentary Trusts like you use all the time ... the Legal and Equitable Tile is conveyed to the Trustee and a deed is recorded. There can only be ONE recorded deed transferring legal and equitable title to real property! : : I explained that with a Trust having more than one Beneficiary, if a Beneficiary is also the Trustee it invalidates the Trust through the "Doctrine of Merger" which is acknowledged by state law. A Beneficiary acting as a Trustee can hardly be considered a "neutral third party" dealing at arms-length ... like that of an escrow service. : : Jerry-Ca. : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : : hi jerry, : : : you certainly can have 3 separate trusts, each with partial ownership of a piece of property. : : : and i cant see why a co-beneficiary cant be the sole trustee. : : : perhaps i am not understanding what you are saying. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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