I went to REI meeting last night—the speaker (RE tax accountant/RE lawyer) stated that property ins would not cover the land trust. Soes any one know about that. thanks
He’s an idiot. Your homeowners and fire insurance covers the property. I can’t believe what passes for lawyers nowadays.
Da Wiz
He says that it will not since i will not actually own the property the land trust will—most ins co.will not ins the trustee of land trustl
This is not correct. In fact, it’s so far from fact that it’s hilarious. First, the land trust does NOT own the property, the trustee does, so the attorney is wrong from the get-go. Insurance companies insure the property for the owner before it is placed in trust. This has NEVER been a problem and never will be. This attorney is like many who know nothing about land trusts, and then prove it by opening their mouths.
Da Wiz
hey Gary, I bet no one ever told you that you look like Jerry Garcia…
Gary, you are the man!
But I still can’t find a damn person who understands land trusts…
I’m going to do a write up of my understanding, one of these nights. I have done my homework, but I’m still on shaky ground, look for it in this forum…
coming soon to a forum near you…
:-\
Actually, Jerry and I both lived in San Rafael at the same time and I was “forced” to sign his autograph I’d estimate at least 50 times. I lived next door to Mountain Girl, the mother of one of his chidren and every Tuesday night a big white limo would be in the driveway. Jerry visited his child every week without fail. Great guy.
Da Wiz