Land Trusts - Virtually Unknown Property Protection Mechanism
>> Tuesday, July 14, 2009
The Land Trust is not the most commonly known Trust mechanism out there. However, it is a powerful asset and identity protection tool, especially for those who live in the state of Florida because it is a statutory trust. The Florida Land trust also adds an additional benefit because it may contain testamentary powers and directions, i.e., provide direction and/or instruction for the property in case of death or incapacity.
The use of a Land Trust allows a person to buy a piece of property, conceal the fact that they own the property, limit themselves from most liability associated with the property, yet retain almost all the rights of ownership including, legally claiming Homestead exemption if the property is a primary residence. A land trust is an arrangement whereby one person or entity (the trustee) holds both legal and equitable title to real estate and holds it for the benefit of another party (the beneficiary).
Below is a short article that details the Florida Land Trust Act and its uses and benefits.
The use of a Land Trust allows a person to buy a piece of property, conceal the fact that they own the property, limit themselves from most liability associated with the property, yet retain almost all the rights of ownership including, legally claiming Homestead exemption if the property is a primary residence. A land trust is an arrangement whereby one person or entity (the trustee) holds both legal and equitable title to real estate and holds it for the benefit of another party (the beneficiary).
Below is a short article that details the Florida Land Trust Act and its uses and benefits.
The 2006 Florida Land Trust Act A.I.L.E.P
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