Hello everyone! I’m in the process of placing my rental property into a land Trust, I’m curious of who would my tenant make the rent payment to? Is it my name (as current) or they will have to pay to the Trust Name? If they pay to the Trust Name, how would I deposit the payment? Thank you all
What’s the purpose of the land trust? Is it a grantor trust? Who are trustee, and beneficiary(ies)?
Thank BILL for responding. The land trust is created just for the purpose of hiding identity. I’ve appointed the trustee and I’m a beneficiary.
They can’t pay you if you plan to hide. Is the trustee just a nominee or does he actually manage the property? In my area, people pay rent to the trust.
I hope you realize that you are not hidden. There is a public record that you owned the property and any smart investigator will see the transfer to the trust and know it is you. You need to buy the property in the name of the trust to stay out of the public record.
being the grantor and beneficiary of the trust does nothing. can’t believe an atty would set that up like that.
it’s like writing yourself a check.
taking a quarter out of your left pocket and putting it in your right pocket.
typically I see a LLC as beneficiary. the beneficiary has beneficial rights to the property, which includes receiving rent income.