The Florida Land Trust is an estate planning device which offers numerous benefits to property owners. The two reasons it is not used by every investor are that few know much about it and those who know about it do not know where to obtain trust services at a reasonable cost.
The most important benefits of the land trust are privacy and avoidance of probate. With a land trust, no one needs to know what real estate you own either during your life or at your death. Avoiding probate you also avoid attorney fees and months delay in distribution of your property to your heirs.
By using a land trust with trusted attorney and trustee, there will be no public record of your ownership of the real estate in the trust. The public records will list the corporation or attorney as trustee and the tax bill will be sent to the trustee. The property will be managed by you or by your agent and income tax returns will be filed by you in the same way they would for property in your own name.
If you have any more questions regarding Land Trusts in Estate Planning for your future, please contact us today, we will be happy to help.