The purpose of a land trust is to allow one to have the legal title to his property held by another person, or trustee while retaining all of the rights and privileges of property ownership (the beneficial interest). The trustee acts only upon the beneficiaries’ direction. The property owner still retains all rights, such as the right to possession, to collect rent, mortgage the property, homestead exemption, and any other benefit he now has.
Join Bill and Rick to learn how, when and why a land trust can be a valuable estate planning tool.
Bill and Rick discuss the basic framework of an estate plan for family and business asset preservation and how you can pass on your net worth to loved ones without the costly expense of probate. Also discussed are other advantages of securing a complete trust package, such as complete privacy from prying eyes, as well as the specific documents of which it is comprised.