F.A.Q.
Do I need an attorney in order to have a land trust?
What if I change my mind?
Can the trustee sell the property at anytime?
Will I maintain the control of my property?
Will this trigger the due on sale clause with my lender?
How long will the entire process take?
Will I still have the advantage of deducting the interest on my loan from my taxable income?
How many properties can I have in a trust?
Will the trust document be a public record?
Can I transfer title to the property using the trust?
Can anyone find out who the trustee and beneficiary are?
Will the value of the property be subject to estate tax if I die?
What is the complete cost of setting up a land trust?
What is Paypal?
Define: Trustee
Define: Successor
Define: Grantor
Define: Beneficiary
Define: Primary Beneficiary
Q: Do I need an attorney in order to have a land trust?
A: No. We do everything for you. You need not hire anyone else, or pay anything else.
Q: What if I change my mind?
A: You can undo the entire trust agreement anytime you wish. You can also change the beneficiary or the trustee whenever you want.
Q: Can the trustee sell the property at anytime?
A: Yes but only when the instructed by the beneficiary or your successor.
Q: Will I maintain the control of my property?
A: Absolutely. At all times you can collect the rents or manage the property as you wish, or you can have trustee do it.
Q: Will this trigger the due on sale clause with my lender?
A: No. According to the law all persons with home loans have a right to hold title to their property in a trust so long as they retain a minimum of 10% beneficial interest without triggering the due on sale clause.
Q: How long will the entire process take?
A: It takes only a few days to process and produce your trust agreement. The time needed to record your deed varies with each county recorder. Usually 2 to 4 weeks.
Q: Will I still have the advantage of deducting the interest on my loan from my taxable income?
A: Yes. In fact, you maintain all of the rights and benefits of property ownership, including tax benefits. Nothing changes as to your use and rights regarding your property. It is a transparent that will have no effect on your operation of the property.
Q: How many properties can I have in a trust?
A: You can have as many as you want, but we suggest a separate trust for each property. In this way each property is insulated from the others. This means that any lien, judgment or other attachment on one property will not effect any other.
Q: Will the trust document be a public record?
A: No. We only record the deed to transfer the official record to the property to the trust. The trust agreement is seen by no one but those you share it with. No else needs to know the terms of the agreement or who the trustee is or the beneficiary.
Q: Can I transfer title to the property using the trust?
A: You may transfer the beneficial interest (or part of it) to another party. This amounts to the same thing, but avoids the costs usually associated with transferring title. Ie. transfer taxes. escrow and title fees etc. It also stops the property from being reassessed at a higher value in states (like California ) where the taxes are reassessed (raised) each time a property is sold.
Q: Can anyone find out who the trustee and beneficiary are?
A: Generally the trustees name will not be readily available to the public. The trustee does not have to divulge the beneficiary's name(s) without a court order.
Q: Will the value of the property be subject to estate tax if I die?
A: No. Since you are not the owner of the property, rather the trust is, the property will not be part of any probate procedure.
Q: What is the complete cost of setting up a land trust?
A: The only total cost to you is $349.This includes preparation of your trust agreement , and preparation of one grant deed, a deluxe protective binder for safe keeping of your trust,fees and shipping. Additional charges apply for multiple deeds. Your only other costs are notary and recording fees. Usually less than $30 or $35.
Q: What is Paypal?
A: PayPal, owned by eBay, is a global online payment system. PayPal is a convenient, easy-to-use, and secure way for individuals and businesses to send and receive money online for goods, services, charitable donations, and so forth. It's also a full-service operation that provides front-end and back-end solutions to increase growth and revenue for merchants.
Glossary
Trustee: Person or institution that oversees and manages a trust.
A trustee is one to whom an estate has been conveyed in trust.
Successor:
One that receives title to property.
Grantor:
A person who transfers his or her interest in land to another by a written instrument.
Beneficiary: The
person for whose benefit a trust is created.
Primary Beneficiary: A person or organization designated to receive the funds or other property from a trust, insurance policy, retirement account or other contract.
Was your question not answered??? Give us a call today!!!
Full Count Investment Services
7172 Regional Street #360
Dublin, CA 94568
Phone: 800.420.9938
Email: Info@FullCountServices.com
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