Hi there,
I started this research a week ago, so I have more research ahead. Our goal is to put two rental properties I hold under my name in a land trust, they are in Illinois. This is simply to avoid probate in the -long- future, the properties are under my name. I am married. There is so much bogus info out there about privacy and asset protection by using land trusts, it's incredible. It could help with those goals, but they overrate the benefits to sell asset protection packages.
It seems this could be a a fill-in-the-blank process for us, without an attorney. Can you recommend a few books? I will be the beneficiary, my wife the trustee. I am meeting with Albany Bank and Chicago Trust and Title to discuss. At some point, I can decide if I need an attorney and/or those companies.
Now, if I do the Land Trust and have to process an eviction. Do I need to bring an attorney to the court or can I represent myself?
Thanks,
Illinois Land Trust. DIY Options and Attorney Representation
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Illinois Land Trust. DIY Options and Attorney Representation
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Re: Illinois Land Trust. DIY Options and Attorney Representation
Why not an LLC?
Re: Illinois Land Trust. DIY Options and Attorney Representation
Why not use this method to avoid probate on those properties? http://www.ilga.gov/legislation/ilcs/il ... apterID=60
IANAL.
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Re: Illinois Land Trust. DIY Options and Attorney Representation
I was just reading about Florida Land Trusts. One can obtain the a copy of the act online. There are firms available that will assist with establishing. It is really related to providing additional privacy.
John C. Bogle: “Simplicity is the master key to financial success."
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Re: Illinois Land Trust. DIY Options and Attorney Representation
I'm considering that as well. One can create the LT, then, after that transfer title to a LLC and not record it to avoid triggering the due-on-sale clause on the encumbered property. I'm getting a mortgage on the other property and don't want a commercial rate under a LLC.
If I used a LLC I may need an attorney for other things related to the properties. As, I said, in still researching. I want to keep it simple.
"Check ID" is my actual signature.
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Re: Illinois Land Trust. DIY Options and Attorney Representation
BolderBoy wrote: ↑Tue Jun 19, 2018 8:28 pmWhy not use this method to avoid probate on those properties? http://www.ilga.gov/legislation/ilcs/il ... apterID=60
IANAL.
But of course! Thanks.
"Check ID" is my actual signature.