A Florida Land Trust is an estate planning device which offers numerous benefits to property owners. 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.
The main advantages of a Florida Land trust are:
- Keep the purchase price secret;
- Keep sale price secret;
- Keep change of ownership private;
- Avoid liens;
- Avoid probate;
- Ease of control;
- Ease of management;
- Ease of negotiations;
- Savings on title insurance;
- And many more.