WHAT IS A LAND TRUST?
A Land Trust is a legal entity (business or organization) that takes ownership of, or agency, of a piece of property. The property owner generally hires a company to hold their property.
Some of the benefits of a Land Trust are personal anonymity which may protect against creditor attachment and lawsuits; avoidance of probate upon naming remainder beneficiaries; avoidance of co-ownership disputes, if an agreement is entered between the beneficiaries of a Land Trust; and, much more.
In contrast to a Living Trust, a Land Trust can only hold real estate. If you are interested in a form of Estate Planning that covers all of your assets another type of Trust may be best.
To learn more about Land Trusts or other forms of Estate Planning contact our office (708-981-3344) to schedule a free consultation.