I have read Mark book and find it interesting that he spends one whole chapter on why not to use a land trust. However, on the page 49 he says that land trusts are Nike Air Force 1 High White Black
Very interesting points Randy. I need to do more research on the subject and items you mentioned.
Randy The purpose of these forums is for people to help one another to learn. While you welcome to use your signature to share your link, you may not solicit people to your website within our discussion threads. The only place to do that is in our classifieds.
Thank you for the info. There is no problem posting the article for others to read and educate themselves. Please do so. I, along with others are very interested in what you have to say on the topic.
How to protect your assets.
Please keep in mind, I am not calling you a " guru" as I do not know you, simply making a general statement.
Thank you for your input on the subject. Are you familiar with Bill Gatten who teaches LT In a nutshell, how would an investor combine the LT with the entity to create a " dynomite structure" ?
If you do not want to answer our questions, and only want to charge for them, that is your choice. If that is the case, please do not post statements in which you choose not to validify with evidence. Many of the BP members are newbie investors and the seasoned ones here tend to protect them from the guru nonsense so they are not taken advantage of.
Instead of trying to send people to your site, why don you help everyone by answering the questions posed here about using these land trusts?
More on all this later. Any questinos out there?
I, for one, would appreciate it.
Most attorneys do not have a clue when it comes to land trusts. They get no formal training in law school and there is not enough money in it to motivate them to learn.
Land trust professionals
say this very same statement and I disagree. It may be true with some, but not all. An attorney CPA who has studied LT has written a book on this topic and Nike Air Force 1 High Retro Qs Green many other topics that gurus try to pass off to the unsuspecting. His name is Mark J. Kohler and the book is titled " Lawerys are Liars" Nike Air Force 1 Low Green
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Most attorneys do not have a clue when it comes to land trusts. They get no formal training in law school and there is not enough money in it to motivate them to learn. Consequently, because of their egos they just say, " don use them." If they studied them for over 30 years like I have, they would realize the many varied benefits to the Illinois Type Land Trust. Actually, I have written a small article called " 32 Reasons to Use an Irrevocable Land Trust." It is free and i would be glad to post it here if it is ok with the websmater?
My point was that there is a lot to learn about land trusts before making a judgment to use them or not. I would be glad to post and answer questions here because I know there is a lot of misinformation " out there" about land trusts and how to use them. I write a land trust blog and the only National Land Trust newsletter in the nation trying to clear the air about the use of LT this posting, let me just make clear that our advice is to use a separate LT for each of your properties (to insulate them from each other). Who or what will be the beneficiary is a book in itself but I will try to address that issue in later postings.
On page 52 Mark talks about LT not being good " asset protection" devices. On the surface this is true. Mark has obviously not researched the benefits of multiple structures in multiple states and the benefits thereof.
He also says on page 51 that the privacy aspects of LT are a " myth." He gives an example of Arizona which requires disclosure of the beneficiary name and address. In true lawyer lineal thinking it does not occur to him that all one has to do is make the beneficiary of the LT the Trustee of a Personal Property Trust and this becomes a non issue.
Not only would that help verify that you are giving us information backed with some facts, but it would also help establish you as a knowledgeable resource here on the site. As a result, people will naturally come and visit your site.
This method of operation does exactly all of those points you mentioned and more. When you cross state lines (with multiple entites) you take legal issues from State court to Federal court. This is an entirely different ball game (requires different kinds of attorneys and more legal fees). It also makes tracking the entities and true owners/controllers much more difficult. I am not going to write a book of explanation here, but I have written two home study courses (basic and advanced) with an appendix and bibliography backing up my knowledge and experience.
Bottom line: There are six states with land trust Statutes on the books.
I was not asking for a book. Just a few simple answers to why a Virginia LT for our BP community. Many of the " gurus" proclaim the same items you mentioned and our attorney has said otherwise, so I was hoping for some clarification from you.
The concept of using " out of state" land trusts to hold title to property in YOUR state is mind boggling to the contingency fee lawyers (that initiate most friviolous lawsuits) and can save you a lot of money and aggrevation.
legal in only 3 states. This is not true and I can prove it with citations of the LT laws for each of six states. This made me suspect of the rest the chapter.
Check it out and give us your feedback.
I appreciate what you have said.
As far as Mark book is concerned, I do not have it in front of me, but remember that he listed 4 states that LT were " legally recognized" not " legal" . Regardless, perhaps it was a typo, perhaps outdated info, or perhaps he is mistaken as you say.
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