@@ClintCoons Thanks Clint! What might be some reasons that HOAs would typically deny such a request? I assume HOAs would not want to grant a title transfer which would make it harder for them to exercise their rights against an owner should that become necessary (eg delinquent on HOA fees, liability)
Love all your videos and thank you for sharing. Would love your thoughts on this scenario. For a property in TX with a mortgage. Would you use a LT and assign beneficial interest to a Texas LLC that is member managed and the member of the Texas LLC is a WY LLC that is manager managed by my husband and myself. Would this be the proper way to set up asset protection and anonymity or would you recommend something different?
Clint, great video as usual. Could you do a video or series on using shared appreciation mortgages or participating loans given the results of the recent Deitch tax court case. It's a broadly applicable but little understood investing technique especially if used by SDIRA or Solo K's. Thx.
Is there a reason or benefit to the Trust being created with you as the Beneficiary, and later you assign beneficial interest to your LLC? Instead of just creating the trust using two LLC's (1 for Trustee another for Beneficiary and nothing with your personal name)???
The trust is created with the property owner as the beneficiary to avoid any transfer tax issues when the property is deeded into the trust. After the property is transferred into the trust the beneficial interest is assigned to the LLC. If you want anonymity then consider using a nominee trustee (I personally have served on over 5k trusts if not considerably higher) or a WY LLC. If you use a WY LLC it CAN NOT receive any compensation for its services.
@@ClintCoons I will keep you in mind for the near future as a Nominee Trustee. 👍I currently have a set up as you teach, a Trust that holds a WY Holding LLC, which holds subsidiary LLCs for active and passive income. I also have a separate WY LLC that's just floating outside of everything, that's currently not being used. If I use that as a Trustee, would you suggest moving it into my holding LLC / Pointing to my Holding LLC as the member? Right now that floating, lone LLC is used for signing up for software services. It has no bank account or taxes filed.
So I am understanding of all of the information here, but just to clarify, I would buy the property on my personal name, and then deed it into the land trust afterwards? Wouldnt that all become public information? Lender would obviously know that the property is in my name and that would be public information. And then after I deed it to the land trust, the lender would know that I put it into a trust so couldnt they call "due on sale"? And on top of that, if a creditor wanted to know, they could see that I was the previous owner and then put it into the trust.......
Yes everyone could see the property was transferred to a trust but you would not be listed as the trustee. You are in the chain of title but not on title.
Major title company in Las Vegas will not issue title insurance in a land trust. I may need to close in an LLC and then quit claim to the trust. Any thoughts and has this happened before?
@@ClintCoons Yes, there was nothing in the title that indicated a "land trust". Underwriters said the verbiage in the trust itself regarding the Trustees, Trustor and Beneficiary and the powers of each that make it a Land Trust and that cause underwriting to be unwilling to insure.
Coach Clint always coming through with the game plan!!
😀
He's the best Defensive Coordinator in the game!!!
Best channel out there for asset protection. 👌
I appreciate that!
Thanks for the video
Hi Clint. 👋 Appreciate all your stuff. Can you cover signing a promissary note with a land trust, please?
Excellent idea
Can you make a video particularly on anominity and the best methods of obtaining it? I believe that would be a very good video and intuitive.
Noted!
Will do
I second this request!
Omg this is great information 🤗 thank you
Glad it was helpful!
thanks
Hey Clint, what about transferring title of a condo (with an HOA) from own name into a land trust? Is HOA approval required?
That is typically how it is done.
@@ClintCoons Thanks Clint! What might be some reasons that HOAs would typically deny such a request? I assume HOAs would not want to grant a title transfer which would make it harder for them to exercise their rights against an owner should that become necessary (eg delinquent on HOA fees, liability)
@@naurnah98 The HOA's do not want the owners renting the property is the #1 reason and to hold individuals accountable not entities.
@@ClintCoons Is your Firm able to assist with dealing with the HOA’s in case a title transfer request is denied?
@@naurnah98 We are not in a position to provide that service.
Love all your videos and thank you for sharing. Would love your thoughts on this scenario. For a property in TX with a mortgage. Would you use a LT and assign beneficial interest to a Texas LLC that is member managed and the member of the Texas LLC is a WY LLC that is manager managed by my husband and myself. Would this be the proper way to set up asset protection and anonymity or would you recommend something different?
If you are concerned about the lender accelerating your note then yes what you propose is how I would structure your deal.
Clint, great video as usual. Could you do a video or series on using shared appreciation mortgages or participating loans given the results of the recent Deitch tax court case. It's a broadly applicable but little understood investing technique especially if used by SDIRA or Solo K's. Thx.
Will do.
Is there a reason or benefit to the Trust being created with you as the Beneficiary, and later you assign beneficial interest to your LLC? Instead of just creating the trust using two LLC's (1 for Trustee another for Beneficiary and nothing with your personal name)???
Excellent question.
An LLC cannot usually be designated as a trustee. Clint, please correct me if I am wrong.
The trust is created with the property owner as the beneficiary to avoid any transfer tax issues when the property is deeded into the trust. After the property is transferred into the trust the beneficial interest is assigned to the LLC. If you want anonymity then consider using a nominee trustee (I personally have served on over 5k trusts if not considerably higher) or a WY LLC. If you use a WY LLC it CAN NOT receive any compensation for its services.
@@ClintCoons I will keep you in mind for the near future as a Nominee Trustee. 👍I currently have a set up as you teach, a Trust that holds a WY Holding LLC, which holds subsidiary LLCs for active and passive income.
I also have a separate WY LLC that's just floating outside of everything, that's currently not being used.
If I use that as a Trustee, would you suggest moving it into my holding LLC / Pointing to my Holding LLC as the member?
Right now that floating, lone LLC is used for signing up for software services. It has no bank account or taxes filed.
@@AberrantArt Yes I would put that one under our living trust.
Button was liked 👍 good video
Much appreciated
So I am understanding of all of the information here, but just to clarify, I would buy the property on my personal name, and then deed it into the land trust afterwards? Wouldnt that all become public information? Lender would obviously know that the property is in my name and that would be public information. And then after I deed it to the land trust, the lender would know that I put it into a trust so couldnt they call "due on sale"? And on top of that, if a creditor wanted to know, they could see that I was the previous owner and then put it into the trust.......
Yes everyone could see the property was transferred to a trust but you would not be listed as the trustee. You are in the chain of title but not on title.
Do you know what businesses Secured Land Transfer, LLC does?
I do not but it sounds like a marketing term. Where did you come across it?
Major title company in Las Vegas will not issue title insurance in a land trust. I may need to close in an LLC and then quit claim to the trust. Any thoughts and has this happened before?
Look at National Real Estate Insurance Group or CHUBB. Also do not refer to the trust as a land trust only a grantor trust when seeking insurance.
@@ClintCoons Yes, there was nothing in the title that indicated a "land trust". Underwriters said the verbiage in the trust itself regarding the Trustees, Trustor and Beneficiary and the powers of each that make it a Land Trust and that cause underwriting to be unwilling to insure.
@@genlmgr Why not just use the LLC if you can close in an entity?
@@ClintCoons That's what we decided on to get it closed and avoid further delays, then can quit claim to LT after close.
@@genlmgr Not sure if you need to move it to a LT after closing. Why not leave it in the LLC?