The Secrets of Land Trusts Successful Real Estate Investors Won’t Teach You
If you are a real estate investor then it’s hands down in your best interest to get a land trust. That may sound like a bold statement but there are countless ways that they can benefit any real estate investor.
Protecting YourselfLand trusts help you protect yourself and your assets against lawsuits. If you don*t have a land trust and someone files a lawsuit after being injured on your property, they can come after your assets for any restitution that your insurance doesn*t provide. However, if that land is kept in a land trust then they can only try to take assets held within that trust. The result is limited liability. A land trust also helps you by protecting your privacy. Without one a list of real estate you own is public knowledge, but with one any real estate in the trust can*t be traced back to you.
For Estate PlanningLand trusts are also extremely useful for estate planning purposes. Real estate held in land trusts can be automatically distributed to heirs without the need for probate. This means that your heirs can continue to profit off of your investments without interruption. Having your investments distributed in this way also means that no change of ownership occurs which saves you considerable fees and having your assets in a trust can reduce New York state inheritance exposure. In light of this, land trusts are undeniably an important part of any real estate investor*s estate planning document list.
Do you still have questions for an attorney? Are you ready to get a land trust and want to find the best legal team for the job? At Morgan Legal Group, we pride ourselves on our reputation as one of the best law offices in New York City. Our attorneys are ready and waiting to use our skills to help you, so contact us, ask an attorney a question for free and get started on securing your interests with a land trust today.