Florida Land Trust Vs Llc

Exploring the pros and cons of these florida estate planning options is the stuff of this week s article.

Florida land trust vs llc.

Tamiami trail ste e6. The term family trust refers broadly to different types of trusts created to manage and protect the assets of families. It actually established the rules for which you could use a unique trust in order to own land. The person who puts in the time and start up capital to launch a limited liability company is usually referred to as the member or managing member owners will often use additional titles such as president or ceo because they are more commonly.

Cindy s florida llc formations. A family trust forms under state law but its similarities to an llc end there. Illinois florida indiana virginia north dakota and hawaii. The first land trust law was the illinois land trust law.

When used properly the land trust provides privacy of ownership ease of management isolation of liabilities and easier transferability of ownership. The florida land trust can be set up and used by any individual any group of individuals any general partnership any limited partnership any other revocable or irrevocable trust another trustee or trust services provider such as an out of state trust company or bank any limited liability company llc any corporation or any other type. A limited liability company llc and an irrevocable trust are two of the options available to protect you against some of the risks. The florida land trust is a unique relationship between the trustee and beneficiary that protects the identity of the property s true owner.

Florida land trusts operate under section 689 071 of florida law also known as the florida land trust statute or the florida land trust act. A land trust agreement is a legal agreement under which the trustmaker appoints another person to serve as trustee and the trustee holds legal title to real estate property for the benefit of the. Here s how to find out which one is best for you. A trust is a legal arrangement in which management and sometimes ownership of property transfers to one person for the benefit of others.

Florida land trusts vs florida llcs for real estate investors. It is the law in illinois. There are currently six states with land trust laws. The 2 most common recommended ways to hold real property investments in florida are a florida llc or florida land trust.

Here we ll take a deeper look at the differences between the two and why which one would work best in case examples. Limited liability company llc vs.