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Land Trust

This topic contains 6 replies, has 0 voices, and was last updated by Avatar of kunnenanita kunnenanita 12 years, 7 months ago.

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  • #3870
    Avatar of kunnenanita
    kunnenanita
    Member

    A land trust is set up and the beneficiaries are in the house, paying the mortgage and such, the seller is the trustee of the trust, what happens if he dies?

    #22605
    Avatar of red12
    red12
    Member

    The seller is NOT the trustee. He is merely a beneficiary of the trust. If he dies his beneficial interest in the trust passes to his heirs.

    #22606
    Avatar of mtnwizard49
    mtnwizard49
    Member

    If the seller made himself the Trustee, it is a failed or dry trust and invalid under the Doctrine of Mergers.

    #22607
    Avatar of red12
    red12
    Member

    Sorry, I thought you were asking a question about the type of trust used here in the world of EHT and NARS.

    #22608
    Avatar of corkhorner
    corkhorner
    Participant

    My question relates to “who can charge fees or consulting fees” for counseling clients how to roll over their retirement accounts.
    is licensing required to act in this role?

    I have clients who want to roll over, into self employed 401′s.

    cork horner
    san diego
    Where the low hanging fruit is 2 feet deep with sellers

    #22609
    Avatar of richgarcia
    richgarcia
    Member

    Kunnenanita:
    The simplest solution is to anticipate the demise/resignation/removal of the Trustee. So, one appoints a Successor Trustee when the Trust is written. If that’s not done, then there should be provisions in the trust as to how the assets in the corpus are distributed or conveyed to the Beneficiaries. Also, the Beneficiaries can always appoint another Trustee. The best solution is to plan ahead.

    Regarding the Doctrine of Merger (Merger of Title)— I have thought about this on more than one occasion. I appears to me that in order for the merger to exist, all the component parts need to be merged back together. I.E. (Settlor+Trustee+100%Benefical Interest). In the above instance,the Beneficial Interests have been fractionated. Therefore, there’s not an absolute merger of title. This instrument would probably be characterized as an “Association” or a “Partnership” but certainly not as land trust.

    #22610
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @richgarcia wrote:

    This instrument would probably be characterized as an “Association” or a “Partnership” but certainly not as land trust.

    Excellent observation, you get the gold star today. Man we have some smart people on this board.

    #22611
    Avatar of tom
    tom
    Member

    Because we are a corporation we can never die. I more then likely will have my case mature some day in the distant future however Equity Holding Corporation will remain alive and well. That is providing we pay the taxes and fees that are required.

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