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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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    Avatar of kunnenanita

    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?

    Avatar of red12

    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.

    Avatar of mtnwizard49

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

    Avatar of red12

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

    Avatar of corkhorner

    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

    Avatar of richgarcia

    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.

    Avatar of scott_l._moyes

    @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.

    Avatar of tom

    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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