hey guys, i’m trying to find out the best way to set up a rental property when it’s owned in a land trust.
here’s a few questions i have:
-does anyone have any recommendations of good companies for being a trustee?
-who does the tenant make checks payable too? the trust?
-how does the beneficiary cash the checks?
thanks in advance!
The trustee is gonna be you, unless you’re really looking to obscure ownership. Then it could be a relative you trust, or an attorney, but it’s usually better/safer if it’s you.
Rent checks are written to whomever/whatever company/person represents the owners.
Don’t complicate this. It is better that your renter write checks to a business account, and not to you personally.
Meantime, whomever/whatever the checks are written to, cashes the checks. Otherwise, I don’t understand your question.
Summary:
Name of Title Holder: Our Fuggin Land Trust
Name of Trustee: Fud F. Fuggin
Beneficiary: Fud F. and Fern Fuggin
Hope that helps.
thanks javipa…great naming convention 
from what i’ve read it’s best to have the trustee be someone else besides yourself and who lives out of state. sometimes that’s not doable so finding a partner in state might be easier to set up. having yourself as the trustee and the beneficiary was the least desirable for anonymity reasons and perhaps some others i can’t recall.
Regarding anonymity… This probably isn’t the best place for advice.
There are numerous ways to keep your name off the books, which I could recommend, but I’m not going to.
Here’s where a real estate attorney, and especially one that specializes in LLCs can direct you better. BTW, the LLC in the case I’m talking about here, isn’t about keeping your name off the deed. It’s about clouding the title so bad, you can’t see the other end the title chain.
Otherwise, there’s plenty of ways to discourage grifters and crooks from being attracted to your equity and net worth, that don’t include making your trustee a relative, friend, or attorney, or out-of-state entity. Just saying.
interesting feedback javipa. thank you for your in site
And in all their laundry areas they have a sign that sez:"
IF LUX WONT LUXEM AND DUX WONT DUZEM, TAKE FUG AND FUGGEM.
CLEANER LAUNDRY EVERY TIME WITH FUG.
i like it haha
interesting update on this one. i went to the bank to open up an account. i came with the land trust documents with the beneficiaries blacked out.
the want an EIN number. is it safe to use the EIN of the LLC who is the beneficiary? also the bank said they would need documents without anything blacked out. i believe this defeats the purpose of remaining anonymous. anyone have any feedback which can help gear them in the right direction so i can get this approved?
Come on, Ryan…
You give the bank docs with names blacked out? Pffft. :shocked
What do you think the bank’s gonna say. “Oh, yes this looks legit.”
If you want a checking account, the bank “has” to know the names of those who who’re gonna be writing checks on it.
Not to mention the bank has to send that same information to the Federal Government, to verify that it doesn’t show up on the list of “peace-loving” terrorists, who’re sending money to the middle east.
Give the bank what it needs, and realize that the bank doesn’t give out personal information to just anyone, without a subpoena.
In the event you get sued for fraud, there’s theoretically no limit to the discovery a prosecuting attorney can go to find out who owns a property.
That’s why clouding titles is much more effective than clouding ownership. The “bad” people can’t ‘uncloud’ titles, but they can surely ‘uncloud’ ownership.
interestingly enough my partner blacked out the beneficiaries and it was “okay-ed” by their legal department. i’m sure there isn’t too much of a concern about them knowing, but the least amount of people that know the better. that being said, i prefer to open the account with this particular bank instead of the one my partner opened it with.
guess we’ll see what happens