land trust and llc question

[mtnwizard]

Correct.  I usually name my trust, "The 1900 Evergreen Way Trust" or something similar.  

I hear what you say about the info listed on the link you posted.  Perhaps the MODERATOR will check it out and remove it.  After all if you follow what they say, you will have vested the property in the trust, and not the trustee, likely creating a dry and/or failed trust...BAD ADVICE, GUYS

Da Wiz

[jc06]

I'm not sure I see the difference.  You said this before:

" the trustee's name MUST ALWAYS COME FIRST ON THE DEED"

Then you say you normally name a trust in this convention:

"The 1900 Evergreen Way Trust"

Isn't The 1900 Evergreen Way Trust the name of the trust and not the trustee?

[mtnwizard]

We're talking about two different things.  The Trust name and the way you take title.  My trust might be named the 123 Bonehead Way Trust, and title taken by my trustee as: Mr. Non-Profit Corp.  

Remember, title is NOT vested in the trust, only the Trustee.

Da Wiz

[jc06]

ok that definitely makes sense.

thanks.

[Rublemaker]

if one does a land trust for a property, then allows someone else assumes the mortgage of the property, will the mortgage be protected from being called to be paid in full?

[mtnwizard]

As long as the seller retains at least a 10% interest in the trust, the DOSC is not  triggered.

Da Wiz