/ Register

  • The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Real Estate Land Trust

Discussion in 'Real Estate Investing' started by Shawn, Nov 28, 2007.

Most Liked Posts
  1. Nov 28, 2007 #1
    Shawn
    Offline

    Shawn PARKED

    Messages:
    55
    Likes Received:
    0
    Joined:
    Aug 14, 2007
    Rep Bank:
    $38
    Hi,

    we are purchasing a new home and our attorney has sold us on the idea of an Illinois Land Trust. Privacy is important to us, but once a utility bill is set up, people would know who lives there. So my question is does anyone here have experience with properties in trusts and what do you do with utilities? I was thinking of trying to set them up in the trusts name, just not sure if that would work. If not, maybe a dba name of that property address, or if not, a relative. Any ideas?

    Thanks,
    Shawn
     
  2. Nov 28, 2007 #2
    Diane Kennedy
    Offline

    Diane Kennedy Bronze Contributor

    Messages:
    795
    Likes Received:
    208
    Joined:
    Aug 31, 2007
    Rep Bank:
    $129
    Just curious - what state is the new home in? IL Land Trusts don't work in all states.
     
  3. Nov 28, 2007 #3
    Shawn
    Offline

    Shawn PARKED

    Messages:
    55
    Likes Received:
    0
    Joined:
    Aug 14, 2007
    Rep Bank:
    $38
    Sorry, yes Illinois.
     
  4. Nov 29, 2007 #4
    Megan H
    Offline

    Megan H New Contributor

    Messages:
    16
    Likes Received:
    6
    Joined:
    Nov 26, 2007
    Location:
    Reno, NV
    Rep Bank:
    $44
    Hi Shawn,

    If you are using an IL land trust, then the property will be titled in the name of the Trustee. So theoretically, the bills could be in the Trustee's name, too. It might cost more though - depends on who your Trustee is and what the scope of your agreement is.

    Have you run this question by your attorney yet? If he/she is selling the LT package as a privacy vehicle, this would seem to be a reasonable (and frequently-asked) question.

    Hope this helps,

    Megan :seeya:
     
    MJ DeMarco likes this.
  5. Nov 29, 2007 #5
    Shawn
    Offline

    Shawn PARKED

    Messages:
    55
    Likes Received:
    0
    Joined:
    Aug 14, 2007
    Rep Bank:
    $38
    Good point, thanks, I'll ask him about it. :)
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page