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Re: Simple Land Trust Questions…

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This topic contains 4 replies, has 0 voices, and was last updated by Avatar of johnlw johnlw 14 years ago.

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  • #936
    Avatar of johnlw
    johnlw
    Member

    NARS Members:

    Well, some simple and not so simple questions…

    PREFACE:
    I have been telling people I meet about the simple land trust as a property asset protection device. I am actually getting quite a lot of interest for helping homeowners to protect their primary residences and (sometimes) maybe a couple of their rentals, too. I would like to assist homeowners in protecting their homes. The questions that I am asked are different from the kinds of questions one gets with the NEHTrust. I need a little help anwering these questions (that I’m not used to).

    QUESTIONS:
    1. Is there an upper limit to the number of properties that are allowed in a simple land trust?

    2. Is the asset protection diminished, or is there increased liability by having multiple properties in the SAME simple land trust?

    3. ?What, if any, is the extra charge by NARS for each additional property that is added to the simple trust?
    (I know there will be additional 3rd party fees such as notary and recording fees for each property).

    4.

    #12102
    Avatar of Administrator
    Administrator
    Keymaster

    John I will take a crack at your questions and I know more experienced NARS members will chime in.

    To question 1 I believe the max # of properties is four you can vest into a simple trust.

    #2-My view is there will obviously be a higher liability in placing 4 properties into a trust . I believe in separation since each property has a different profile and such and the cost for a simple trust for NARS

    #12103
    Avatar of joecain
    joecain
    Member

    Colin: You da man!

    Those were great answers, actually more thorough than mine would have been. Want a job? As previously posted, I’m a bit swamped right now . . .

    That said, without re-inventing Colin’s wheel, let me add a couple of details to the string:

    1.

    #12104
    Avatar of johnlw
    johnlw
    Member

    ****************** THANKS!!!******************

    Thanks for the fast turn-around time on these questions! Thank you “colvgas” for such a detailed response. I love detail! Thank you Joe Cain for adding some very valuable points! You are both awesome! This answers will really lend to my credibility as an expert in the eyes of my clients, which could make or break a deal. I now feel comfortable to answer my clients questions and send them some land trust info.

    I still welcome more input from anyone that would have anything to add. ?Great discussion!

    Thanks again,

    John ? : )

    #12105
    Avatar of anonymous
    anonymous
    Member

    joecain:

    Your comments #3 above…. Is the grand total of $305.50 to include the beneficial interest, rider agreements etc?

    Thanks
    Manne

    #12106
    Avatar of joecain
    joecain
    Member

    Manne –

    The NARS Simple Trust rarely includes or requires Assignment, Rider, Power of Attorney or other Documentation. Hence, the name Simple Trust. If needed, those Docs are generated and provided priced seperately on a per Doc basis at $99.50 per Doc for NARS Network Members (that’s half off) in addition to the $305.50.

    For a PACTrust or NEHTrust, they are included as part of the NARS Facilitation Fee, which is based on a % of the MAV. The full pricing schedule is available on the Documentation Advice section of our Board. Please check there for a very thorough breakdown.

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