Yesterday, I received a phone call because a couple used to have a land trust and sold their home and let it lapse. A land trust is a legal strategy where a company holds legal title to your home such as Chicago Title Land Trust Company. Thus, it appears on the recorder's records that your home is owned by Chicago Title Land Trust Company, Trust # 8002351742. The real owner's name is secret and is not publicly available. The real owner signs a Trust Agreement with Chicago Title Land Trust Company where they designate who should be the beneficiary and contingent beneficiary upon their death. Hence, a land trust is good for simple estate planning purposes as well.
The key advantages to a land trust is privacy and liens and judgments do not attach to a land trust. This is good today because many families have foreclosures and credit card debts that they cannot pay. Eventually, their credit card companies and old banks will harass them for payment and some, will sue the debtors (the customers). A judgment will be placed on their homes and on their credit. Asset protection is a legal strategy designed to protect one's investments such as their home, bank accounts, business ownership, and other assets. At Robertson Law Group, LLC, we concentrate in Estate and Asset Protection. We can be reached at 630-364-2318 or 312-498-6080.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
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