A land trust is an agreement that involves one party, known as the trustee, agreeing to hold the title to a property for the benefit of another party known as the beneficiary. The trust is created by the settler, with the intention that they remain the property’s beneficiary for their lifetime. Therefore, the trustee is essentially obligated to follow the beneficiary’s instructions and the beneficiary receive all the income from the trust.
If you get into a trust agreement, the trustee will hold the title to your property as a fiduciary. This means that the trustee can neither incur personal liability as a result of being in the title nor can they lose the property to their creditors.
Land Trust Asset Protection Las Vegas NV operates on the basis that once a trust agreement has been executed and a trustee deed has been recorded, you will no longer be recognized as the owner of the property in question. You can subsequently choose to keep the trust agreement hidden away in a file cabinet at home; nobody needs to know about your retained interest in that property. Indeed, no public records can reveal such information.
Acquiring Land Trust Asset Protection Las Vegas NV is essential because:
* Most litigators do not sue people who have no assets. Among the easiest methods of determining whether you have, sufficient finances is searching the public records to see if there are real estate holdings. However, if you have a land trust, such a search by potential litigators will come up empty.
* A land trust is not a corporate entity, meaning that you will not enjoy the liability protections that are ordinarily conferred upon corporations. However, if you establish a corporation or a limited partnership to stand in as a beneficiary, you will not be held liable in the event that someone slips and falls on your property.
* Most property transfers into a land trust are often accomplished tax-free. Such property will usually be treated as if it was owned by the beneficiary. Besides, most states allow a beneficiary to transfer property into a revocable trust without requiring payment of any transfer or recording taxes. Visit website to get more information.
There are numerous advantages associated with Land Trust Asset Protection Las Vegas NV. Contact Grant Morris Dodds to access invaluable information regarding this and other forms of asset protection.
