Burbank Land Trust Attorney
Asset Protection Attorney
“Failing to plan is planning to FAIL.” - Ben Franklin
Land Trusts & LLCs...
Assets & Personal Privacy
Since the beginning of time man has tried different ways of protecting his family and his assets. Castles, moats, armed guards.whatever was needed to protect the most precious personal things. Today LA LAW Asset Protection Lawyers will help you develop your modern day personal protection strategies to protect your family, your real estate, your businesses and your hard earned money. It is time to 'armor up' and protect your estate!
Land Trusts created in California for property are based on general trust law governed by the California Probate Code. However, an out-of-state Land Trust may be formed that would hold title through the trustee of a California property, to take advantage of more beneficial statutory and case law of personal privacy in other states. Whether you are a real estate investor or celebrity seeking privacy from public record searches, LA LAW Land Trust Attorneys are specialists in strategies in protecting your privacy and screening your assets from the general public's knowledge. We are happy to offer free consultations to discuss the best solutions to your estate issues.
The Best Solutions to Maintain a Higher Level of Privacy Screening Simple alternatives can be to purchase investment properties through.
Land Trusts & Limited Liability Companies
Land Trusts are "private formations" keeping the public (possible creditors, stalkers, bad family members, etc.) from knowing where you live, what you own or with what partners you may have. In addition to the anonymity of ownership, if done correctly, there is an asset protection component as well. Combined with making the beneficiary of this trust a Limited Liability Company there are added levels of screening to protect your assets.
• Create a Land Trust by conveying title of a property to the trustee (not you) with a trust name that is not connected to you, and designate an LLC as the beneficiary for privacy of ownership. (Creditors or public can not see your name as an owner of property, unless you are asked under oath about your assets.)
• If all of your properties are recorded in a Land Trust with an LLC listed as this trust's beneficiary and there is an asset search through the county recorder's office, your name will not show up as owning property. This may make Personal Injury Attorneys less adapt to take on a contingency case and dissuade potential frivolous lawsuits.
• Each Property is set up in a separate Land Trust with separate LLC listed as beneficiary, so each property is isolated from other properties if there is a lawsuit.
• Get the help of a qualified asset protection attorney to make the correct decisions for your situation. Make sure your entire estate is properly reviewed.
*LA Law Center, PC offers free consultations to real property owners or celebrities that need maximum privacy regarding their address and/or assets.
Stand Alone Land Trusts
Land Trusts that are not combined with LLCs are considered a good first level of screening your privacy.
However, we recommend that you combine your land trust with the formation of a Limited Liability Company as the beneficiary for a more effective way of creating legal barriers to protect you assets from public knowledge.
• Personal Privacy Screen:
• A Land Trust creates a "screen" or "a layer of privacy" as only the Trustee is listed on the legal title of the property. The Trust is not recorded, so only the Trustee knows the identity of the owner.
• The trustee is not required to reveal the ownership, unless under a court order.
• A grant deed-of trust property in the name of a trustee (private or institutional), who is not the owner or beneficiary, may be recorded with the County Recorder. However, the Land Trust agreement is not recorded and is the only document that states the names of the Trustor/Settlor/Investor and the beneficiaries.
• The land trust agreement can use a name for the land trust that is different from the name of the Trustor/Settlor. If the beneficiary is the same Trustor/Settlor, they can designate their Living Trust or a wholly-owned LLC as the beneficiary to avoid gift tax and probate issues
• Avoidance of probate for real property
• Sales Price is PRIVATE & confidential
• Insulation from liens and judgments (but can be seized or transferred by court order)
• Personal Liability:
• A judgment creditor of a Trustor/Settlor or of a beneficiary can demand written interrogatories on his/her/its assets, or to debtor's examination under oath in court to determine assets, and not rely only on County Recorder and Assessor asset searches.
• The beneficiary of a Land Trust has liability of the property and would be liable for anything that would occur on the property.
• Negligence claims or liability claims are best protected by an LLC.
• Separate Agreement For Each Property is required
Separate Limited Liability Company (LLC)
An LLC is a business structure where, as with a sole proprietorship or partnership, the losses of the company are reported on the business owner's personal tax returns. Sole proprietorships and partnerships however, do not provide the owner any limited liability protection. With an LLC, as with a corporation, the owners are protected from personal liability.
• Owners have protection against personal liability for business debts even if they participate in management.
• Profit and loss can be allocated differently than ownership interests.
• IRS rules now allow LLC to choose between being taxed as partnership or corporation.
• More expensive to create than partnership or sole proprietorship
• State laws for creating an LLC may not reflect latest federal tax changes
• Does not provide personal privacy screen to the public at large
• Legal documentation and on-going record keeping required
• Liability protection varies from state to state
• Varying titles for principals
• Many states levy additional LLC taxes
• Difficult to raise financial capital
• No guarantee of perpetuity
Best Advice-Seek Experienced Legal Counsel!
Joseph McHugh, LA Law's Land Trust Attorney have the knowledge to make this as easy as possible and ready to help you understand your options and then begin this process if it cannot be avoided. Our asset protection lawyers prepare custom asset strategies that address you and your family's particular circumstances and long term goals.
We are proud to be a part of the complete solution to your estate and privacy issues, not just the lawyers that create the legal documents. We understand the issues surrounding the asset protection and what it takes legally to meet your needs and goals, while giving you the peace of mind that your estate is at a greater level of privacy from public research.
Please contact our office for a free initial consultation with Joseph McHugh, a California Asset Protection / Estate Planning Attorney
After a thorough review of the best strategies for your estate plan and our fees for the scope of work, we will structure a comprehensive estate plan created specifically to protect your assets and allow you to stay in control of your life & your money, while ensuring to make is much more difficult for stranger to know what is in your estate.
Our Law Office is located in Southern California; however, we serve many clients throughout the state and love an occasional road trip to help all of our clients, their family and friends. We can also create all documents and mail them to you for final notarization of documents.
We also are happy to serve out of state clients with family or assets in California.
We are very proud of the many personal and professional referrals we receive from happy clients and colleagues. Please contact our office today to schedule a free consultation.
Take advantage of a free phone consultation or appointment for a free 30 minute consultation to review your individual situation and determine if you would benefit from our experience and legal services.
Call us at: (818) 241-4238