Florida Land Trust Vs Llc

It is the law in illinois.

Florida land trust vs llc.

A limited liability company llc and an irrevocable trust are two of the options available to protect you against some of the risks. Illinois florida indiana virginia north dakota and hawaii. The term family trust refers broadly to different types of trusts created to manage and protect the assets of families. The florida land trust is a unique relationship between the trustee and beneficiary that protects the identity of the property s true owner.

When used properly the land trust provides privacy of ownership ease of management isolation of liabilities and easier transferability of ownership. A land trust agreement is a legal agreement under which the trustmaker appoints another person to serve as trustee and the trustee holds legal title to real estate property for the benefit of the. Land trust living trusts and the difference between them sometimes it s as thin as splitting hairs. It actually established the rules for which you could use a unique trust in order to own land.

A trust is a legal arrangement in which management and sometimes ownership of property transfers to one person for the benefit of others. Florida land trusts vs florida llcs for real estate investors. Florida land trusts operate under section 689 071 of florida law also known as the florida land trust statute or the florida land trust act. The 2 most common recommended ways to hold real property investments in florida are a florida llc or florida land trust.

Here we ll take a deeper look at the differences between the two and why which one would work best in case examples. Limited liability company llc vs. There are currently six states with land trust laws. Form a florida llc.

Cindy s florida llc formations. Exploring the pros and cons of these florida estate planning options is the stuff of this week s article. A family trust forms under state law but its similarities to an llc end there. Florida land trust llc owner member.

The first land trust law was the illinois land trust law. The florida land trust can be set up and used by any individual any group of individuals any general partnership any limited partnership any other revocable or irrevocable trust another trustee or trust services provider such as an out of state trust company or bank any limited liability company llc any corporation or any other type.