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The 'LAND TRUST' is known in some states as the 'Illinios Land Trust' The object of the game is Financial & Real Estate Privacy. Here's how it works. It is best established before the Client's name is ever on Title. Client establishes the Land Trust with a trustee who has a different last name. Perhaps a married sister or best friend. The trustee has no power whatsoever except to sign deeds when the Client wishes to transfer the property to the next owner. The Client's name will NOT appear on the public record at the County Recorder. That is how privacy is established. However, the Client retains all the Tax Benefits - such as Mortgage Interest, the Depreciation Deduction on Rental Property, etc. This is because the Land Trust is a 'grantor' trust for tax purposes. The trust can be used on several properties and in addition can assign all the beneficial interest right's to a single Limited liability Company thus creating a powerful real estate business structure. If the Trust is established as to Property on which the client's name is already on title, the Privacy benefits are severely diminished since the Client's name is already in the "chain of title". Therefore, establish this Trust to own the property before closing on the Property. For more information on Land Trusts please feel free to contact us. Contact us for your free
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