Land trusts are a unique asset protection tool for real estate holdings. Land trusts are only available in a number of states and Florida’s land trust laws were adopted to mirror Illinois which is the originator of the land trust concept. Your Florida land trust attorney can help you understand this unique asset protection tool.
Land trusts are unique because they convert real property interest into a contractual interest (a kind of personal property interest). This can provide a layer of asset protection for the investor. Your Florida land trust attorney explain the unique nature of land trusts in more detail to help you decide if it is right for you.
Why You May Need a Florida Land Trust Attorney to Set Up Your Land Trust in Florida?
A Florida land trust s formed by written agreement to enable someone or an entity to hold property on your behalf while you maintain operational control of the property. Commonly used by Florida investors, the land trust in Florida provides privacy because the public record primarily identifies your Trustee as the owner. Liens, judgments and other claims are not as easy to attach to property held in trust.
An additional option is to add a second layer of protection by making a Florida LLC the beneficiary of the Florida land trust. Only your Florida land trust attorney will be able to competently assist you in setting up this complex structure.
A Florida land trust can also avoid probate in Florida if, in the land trust, you name a beneficiary upon your death. If you have a Florida revocable living trust as part of your Florida estate planning, you may name your revocable living trust as beneficiary and therefore, it will be devised according to your estate plan. Your Florida land trust attorney should also have an understanding of estate planning and probate in order to fully assist you.
A Florida land trust can be helpful way to provide asset protection in Florida by deterring frivolous lawsuits. It is fair to say that people and attorneys often seek to sue people who own non-homestead property and this real property often becomes an easy target in such suits. The presence of a layer of asset protection may “encourage” a creditor to accept a settlement from your insurance company rather than going after real estate they can’t find. Your Florida land trust attorney can assist you with adding additional layers of asset protection if appropriate for you plan.
Contact us today to get started and find out how a Florida Land Trust can compliment your Florida asset protection plan.
Steven Gibbs is a Florida land trust attorney who provides complete Estate Planning, Business Planning, Asset Protection, Elder and Medicaid Planning, Real Estate, Probate and Trust Administration legal services throughout the greater Fort Myers, North Fort Myers, Cape Coral, Estero, Bonita Springs and Naples geographic areas and most legal services are available statewide in Florida.
The Gibbs Law Office was founded by Steven Gibbs in January 2009 upon the commitment to provide client-centered legal services.