Heather

This book explains the uses and benefits of “Illinois-type” land trusts. It explains in detail all the steps from setting up to closing down a trust and includes 29 different legal forms. These include deeds, a trust, amendments to the trust, financing forms, tax forms and many more. It has an appendix which includes relevant statutes and court cases from all 50 states.

Land trusts offer many benefits, such as keeping your real estate holdings private and avoiding probate. Here is a list of the benefits explained in the book:

Privacy

Avoiding Probate

Avoiding Ancillary Administration

Keeping Liens and Judgments off the Property

Avoiding Litigation

Ease of Control by Multiple Owners

Ease of Transferability of Interests

Ease of Changing Contingent Beneficiary

Simplification of Making Gifts

Ease of Foreclosure

Safer Lease/Option Agreements

Keeping Assessments Lower

Keeping Sales Price Secret

Avoiding Transfer Taxes

Limiting Liability

Improved Financial Statement

Ease of Negotiation

Avoiding Partition

Avoiding Personal Problems of Beneficiaries

Holding a Judge’s and Politicians’ Property

Ease of Property Management

Saving Title Insurance Premiums

Avoiding Real Estate Brokerage Laws

Avoiding Spouse’s Forced Share

Buying Foreclosures

Avoiding “Seasoning” Problems

Avoiding Tax Withholding

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