The When, How, and Why of Land Trusts for Real Estate Investors | Clint Coons Q&A
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- Опубликовано: 11 май 2022
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#LandTrusts #RealEstateInvestors 
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Best seminar ever. Clear, detailed, knowledgeable
Thanks a million
Excellent webinar providing very useful strategies
Happy Thanksgiving! We are very grateful for your high quality educational RUclips videos! They are very helpful and useful for understanding real estate activities! Many thanks to you, Toby and your team for all the contributions to our education!
DC Miracles
Thanks for watching.
I love Clint!!
this video was gold Clint! thank you
Glad you enjoyed it
You're very pleasant to listen to and your explanations are easy to understand. Thank you for the wealth of great information. I'm looking forward to seeing your other videos!
So nice of you
Could you explain how Land Trust will deposit money in bank, or on IRS tax returns or Washington DC tax returns, on property title deed, etc? Thank you!
Hi Clint, Amazing content as aways. Thank you. How to use your services to prep the land trust document for FL?
Questions? If you set up a Wyoming LLC or New Mexico LLC. Will I need a physical address? Especially if I do not live in that state. If we set up a LLC, would it be prudent to also set up a holding company?
What about states, like Az, that don’t recognize land trusts? How can we asset protect with trusts in those states?
can banks be trusted to put your trusts? weird question but makes sense
In order to maintain anonymity about being the actual owner of a property, how long is required for the Trustee/Lawyer/other individual to be in that position of The Trustee of one's property?
How can i find out if a state accepts land trust? Does Texas?
Not sure about other states, but in Arizona the beneficiary of a Trust must be disclosed on the deed. I'm wondering what would be the work around would be in such instances. Perhaps a temporary beneficiary who then assigns their interest to myself after recording to protect anonymity? I would think one could do something similar by amending the Land Trust's Trustee to another party as well? Curious what your thoughts are related?
Hi Clint what if you already set up your LLC with your personal address and changed it to a virtual address. Is there a way you can hide that the address was changed so that they can't see the previous address? Also can closing the LLC and starting new get rid of that information?
FL resident here, can you speak more about FL? I 'm just starting out and haven't purchased an LLC yet. Do I purchase my first LLC in Wyoming and then connect all my LLC's in different states to that LLC in Wyoming? I want inside and outside protection. Your pervious video makes me think Wyoming is the only state that has that. Plus I would think having my main LLC in a state I don't live in would be beneficial.
Yes, I like to set up a WY LLC and then connect all of my other LLCs to the WY LLC. If you would like to learn more you can register for one of our upcoming Livestream 1-day Tax and Asset Protection Classes for Real Estate Investors. Here is the link: aba.link/RUclipsAP.
Thus was amazing!!! Thank you Clint. I have one QUESTION: Can we use a WY LLC as the Beneficiary for a property in another state like Arkansas, if we DO NOT have a property management company?
In the example you gave, the property management company was in the same state as the property and then paid the out of state WY LLC.
In my case, i dont have a property management company to manage for me, so would i need my Beneficiary LLC, to be in Arkansas (or foreign file it the same state as the rental property)? Or can it still be a WY LLC as Beneficiary of an Arkansas rental property?
Yes you can provided the rents are paid to the trust and not the WY LLC.
Right!! And have the parent be Wyoming ?
Yes
Looking to purchase a rental property in NH in the next year, what are your thoughts on the best entity for rental home in NH? I will have to finance it. I believe NH has a transfer tax. Thanks for all the helpful information! -Joe
If there is a transfer tax then drop it in a land trust and have the land trust owned by an LLC. If no transfer tax then I would go directly to the LLC.
for protection should one then take out a new max mortgage to make it less tempting for suits?
A line of credit would be better so you do not pay if you do not use.
What happens when seller sell the property? Can you do this if you plan to sell the property soon?
Could you be more specific with your example?
Hello Clint, Would you be able to assign Beneficial Interest to a Assignee, (the Assignor's family member), established before the Warranty Deed To Trustee (the investor) was recorded in land records, and as Trustee, and if all dates are the same as land trust, then trust, in Montgomery County Maryland, was recorded 3 years after date a trust is set up, will there be any issues to close, and if an original title, borrower, owner dies, the assignee is in place as a beneficiary, will the assignee be able to close on a property, even if it goes in foreclosure, but not foreclosed. The servicers of loan Mr Coop, has sent a payoff by January 3, 2023, and do not know that borrower is deceased (during COVID), and or is there any good closing companies is familiar with land trust in this state, to help close fast, please? Appreciate your Educational Purposes Only Sharing, an Alumni-Investor trained by Ron L. Referral. Peace always G
What does title company need to sell property?
Copy of the trust agreement
Clint do I need to held property on parent series LLC? And do parent need to be set as partnership or disregarded? Thank you God bless you.
The property is held in a cell and the parent typically will own the cell. The cell is disregarded and the parent is treated as a partnership.
Clint, if the Trust is on Title of an investment property, will the Tenant pay rent to the Trustee or to the beneficiary?
Either the trust or the trust beneficiary
What if you can't trust the trustee OR you don't want to delegate that much power, authority and ownership to another person (trustee)?
Use a WY LLC that you control and own as your trustee.
@@ClintCoons Wow! That's legal? That's great. So this would allow me to be both the trustee and beneficiary?
@@user-xb9wo5me9k yes
Clint, if you have protection in Florida in case of a law sue against the Trust, wouldn’t it make sense to have various Trusts with the same Florida LLC as beneficiary and still have a good asset protection?
Yes but I prefer to use a DE series LLC and have each trust held by a separate cell. You solution will work as well just make sure the LLC is multimember.
Thank you Clint, have a great day
I need to put my property in a land trust
Because the Warranty Deed to the Trustee contains the name of the Grantor, and that Deed is recorded (and easy to look up), wouldn't a savvy attorney know that the Grantor is likely also the Beneficiary of the Trust (especially if the same LLC is named as Trustee on multiple Deeds from the same person)? Couldn't this spell trouble for the anonymity originally sought by using the WY LLC in the first place? I would think a savvy attorney could easily determine who likely owns the LLC if they find multiple properties being deeded to it by the same person. Thoughts?
Depends. Your name is not associated with the trustee LLC and your name is not on the land trust so this would not expose you personally but one might guess your are involved. I make bulk purchases from investors all the time so transferring 15 or more properties from the seller to my entities is not that unusual.
@@ClintCoons Makes sense thanks very much!
It looks NY is a special State. Could you tell us if Trust run in the same way in NY? What is different here?
No NY is not special but it can be difficult with land trusts because most attorneys are not familiar with the trust.
So Clint, trustee's deed becomes effective at what date...when trustee signs it or when Owner/beneficiary sells/refinance the property and needs to show HIM as the real owner? Date seems important to me...
Contd... if this event happens many many years down the line
The trustee's deed becomes effective when it is signed.
When wholesaling can I use the same trustee wy llc for multiple land trusts? And the beneficiary should be my c corp, correct? Thanks!
And if I wanted to use a land trust for my residence should I use a different trustee wy llc?
Yes you can use the same trustee LLC. You could use it for your PR but you might consider using a nominee or different LLC so as not to tie your PR to the wholesaling activity.
If land is titled to a revocable trust, is that a land trust?
It could be
I need a co-nominated trustee!
ELIZABETH SASQUATCH
Thanks for watching.
I have had Title Companies Rejecting a Title Holding Trust Agreement when taking Title in California
Maybe some do. I have not run across this issue.
Why would you set up a land trust instead of a Wyoming LLC in the first place? Is there a tax benefit?
Its not about taxes but flexibility, anonymity, and concern for the lender accelerating a mortgage.
So, Are you saying when using Subject to, we transfer the property straight into Trust and then become the Trustee while the owner is the Beneficiary?
Yes it will move into the trust and you will become the trustee and beneficiary.
So I can be a trustee and beneficiary, even if the original owner is listed on record as the Grantor in the Trust deeded by Warranty to Trustee, on record? Does it matter when trust is recorded? Appreciate it 🙏.
@@2MarketSongs Yes, you can be both. It is your trust, not the seller. Some investors will set it up with the seller as the initial beneficiary and then have the seller assign the beneficial interest to the buyer if the trust has to be recorded.
@@ClintCoons Really Grateful! Now if only we can find a Closing Attorney that understands trust in Maryland? You are Wonderful! Appreciate it.
Is it not true that a Land Trust is used so the bank can't use the due-on-sale clause?
That is one reason people like to use land trusts.
so i live in FL and have a WY LLC set up. I have a company listed as registered agent and organizer, a virtual address but my name shows up as filing the document. Is this an issue when it comes to legalities?
No but it does not give you any anonymity.
No backies you need to set up a new LLC with a organizer otherwise they can trace your ownership.
Can another trust be a beneficiary of land trust? can another trust be a trustee of the land trust?
Yes it can a beneficiary but I would not make it the trustee.
I've been watching a bunch of your videos and others because I'm looking to start buying some farmland to manage, and maybe if I get any great deals I may flip them so I can buy even more land, but what I don't get is how I always heard the purpose of creating an LLC was to divide your business from your personal so if one gets sued they can't wipe out the other. If I have to constantly play this shell game with my land so I don't get the pants sued off me in a frivolous suit then what's the purpose of having an LLC? Where does the "Limited" part of "Limited Liability" come into play. It may already exist and I just haven't gotten to it, but a video on that would be great.
If you purchase the land in separate LLCs your are ensuring that if any of the property creates liability only the property associated to the LLC with the subject property will be at risk. For example if you bought 10 parcels you might consider setting up 10 separate LLCs to hold the land and possibly one additional LLC to hold all of the mineral, oil, and gas rights associated with each of the parcels. All of these LLCs would he owned by a WY LLC for anonymity. If you are not concerned with the land creating liability for you and only liability that stems from your personal actions e.g., you want to protect the land from personal creditors, then set up 2 LLCs (one to hold the land - surface rights and a second to hold the mineral rights) owned by a WY LLC.
@@ClintCoons Ahhh, ok. Thanks for the reply. Glad you're out there teaching the average person what they need to know about all this stuff. Probably going to save a lot of people from making large financial mistakes.
@@ClintCoons What if you do not have a LLC, May another Trust be created to hold interest with another Trustee that is for it? Appreciate your feedback, have a closing at risk now and trying to save home for family member and only heir?
@@2MarketSongs I think that would be too complicated and it does not provide asset protection.
@@ClintCoons Hello, What if there Assignment of Beneficial Interest, the Declaration of Trust too, as member, at 100% interest, if it was dated at time of trust creation was notarized, and it was recorded 3 years later? Need to close on this payoff statement in 5 days, the title company said it cannot close unless original beneficiary is available? Also, and as an Investor, family member, how do I get fees or portion difference of sale with a cash buyer, and when beneficiary is at 100% percent interest; with another title company in the Montgomery County Maryland area, familiar with land trust. Appreciate your time and Excellent sharing of enlightenment 🙏, to raise our literacy. Peace always, G
If my trustee is a WY LLC, and beneficiary is a FL company, do I need to domesticate the WY company in Florida?
Because the owner on title is a foreign corporation of a Florida property they will generate rent income in Florida
If title is held in a FL entity then no you do not.
@@ClintCoons legal title holder will be the WY trustee , with a property in Florida that produces rent income
If the trust document is not recorded anywhere, how will anyone ever know who is the trustee? In other words if I wanna sue someone and I can only see that this property is in a trust how will anyone ever get to the name of the trustee or the beneficiary?
The trustee's name is on title to the property e.g., John Banks Trustee of the 14th ST Trust.
@@ClintCoons ah ok. got it :) Thanks