Question about Land Trust in Texas..

My family owns a property in Houston , Tx. We are currently renting it out, my parents are the owners but I have spent alot of time and money for improvements before we rented it out. I share the rental income with my parents. I have talked to my parents about the future of the property just incase if anything were to happen to them. We agreed that I would be the person that would make all of the decisions on the property. I would only have to share a small percentage of rental income to my siblings. The only condition that my parents have is that I could never sell the property, we want to have it for generations to come. So I guess my questions is , should we put the property in some sort of land trust that could define my parents wishes and also we could have some sort of asset protection? I know I should consult a lawyer, I just want to get some information before hand so that I can explain to my parents what we should try to do.

From your post a land trust would be an ideal solution yet make sure you advise your attorney specifically to your wishes.

The land trust if it is setup up properly would provide the asset protection yet make sure the attorney you do hire knows land trust legislation/statues as it pertain to Texas and in that case is experienced in doing this type of transaction.

Typically in the rider agreement portion you can make those designation as to beneficial interest assignments and who has controlling interest etc. Also the beneficiary agreement should spell it out as well. Make sure also your trustee and no legal advice intended is arms length transaction so not a relative so it is a valid trust. The attorney may also use a specific trustee.

Since this is a very long hold time I would just IMHO use a 3 rd party trustee typically a 503 C corporation and you can do what you wish.

The LT transaction would flow just to give you a idea is whoever is on the deed or tile would vest their clean title to the designated trustee and then you would have an assignment of beneficial interest to your family members per your agreement. Once the LT is created you do not own the property but control it providing anonymity and privacy for you ownership and a myriad of other benefits in using these entities.The trustee would then legally “own” the property as the trustee’s name is on title.

With a valid trustee you can avoid any family issues or disagreements that come up so there is no bias in any way.

If I can help more hit me up

The best of luck to you.

It’s better to consult to an attorney lawyer about this matter, he/she will only be able to help you about this type of matters very well as compared to one who only knows the above information