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| Introduction Chapter 1: How and Why Land Trusts Started Chapter 2: Benefits of Land Trusts Privacy Avoiding Probate Avoiding Ancillary Administration Keeping Liens and Judgments off the Property Avoiding Litigation Ease of Control by Multiple Owners Ease of Transferability of Interests Ease of Changing Contingent Beneficiary Simplification of Making Gifts Ease of Foreclosure Safer Lease/Option Agreements Keeping Assessments Lower Keeping Sales Price Secret Avoiding Transfer Taxes Limiting Liability Improved Financial Statement Ease of Negotiation Avoiding Partition Avoiding Personal Problems of Beneficiaries Holding a Judge's and Politicians' Property Ease of Property Management Saving Title Insurance Premiums Avoiding Real Estate Brokerage Laws Avoiding Spouse's Forced Share Buying Foreclosures Avoiding "Seasoning" Problems Avoiding Tax Withholding Chapter 3: How a Land Trust Works What a Land Trust Is What a Land Trust Is Not Potential Legal Issues What if your Trust Is Not Valid? When Are Legal Issues Most Likely to Come Up? How to Avoid Legal Problems The Trustee's Duties Out-of-State Law Necessary Documentation Necessary Parties Optional Parties Types of Property Agency Law Title to the Property Owner of the Property Personal Property Liability Due-on-Sale Clauses Chapter 4: How to Set Up a Land Trust Buying Property into Trust Putting Property into Trust Choosing the Trustee Naming the Trust Preparing the Deed Preparing the Trust Preparing Amendments to the Trust Property Management Agreement Preparing Trust Certificates Preparing the Beneficiaries' Agreement Obtaining Insurance Multiple Properties Sale and Mortgage Back Other Interests in Land Out-of-State Property Power of Direction Foreign Beneficiaries Notary and Witnesses Recording Notice to the IRS Chapter 5: Financing Property in a Land Trust Mortgage of the Real Estate Pledge of the Beneficial Interest Chapter 6: Operating a Land Trust Leasing the Premises Amending the Trust Changing Successor Beneficiaries Death of a Beneficiary Changing Trustees Death of a Trustee Governmental Liens Terminating the Trust Chapter 7: Litigation Involving Land Trusts Parties to the Lawsuit Identification of the Trustee Joining the Trustee Individually Evictions Bankruptcy Tort Actions Creditor Actions Chapter 8: Selling Property in a Land Trust Deeding the Property Trustee's Deed Assigning the Beneficial Interest Lease Option Agreements Contract for Sale Oral Agreements Brokers' Commissions RICO Lien Search Tax Forms Other Requirementsv Chapter 9: Federal Taxes Tax Returns Taxpayer Identification Number Notice of Fiduciary Capacity Beneficiary Status Tax-Free Sale of Residence Section 1031 Exchanges Estate Taxes FIRPTA Form W-9 Chapter 10: State Taxes Real Estate Taxes Homestead Exemption Real Estate Transfer Tax Sales and Use Tax Rental License Tax Intangible Personal Property Tax State Income Tax Chapter 11: Securities Laws What Is a Security? What if a Security Exists? Avoiding Securities Laws Exemptions from Securities Laws Get an Opinion Further Research Chapter 12: Drawbacks & Pitfalls Unfamiliarity in Marketplace Uncertainty Costs Trustee Homestead Exemptions Chapter 13: Concerns for Trustees Fiduciary Obligations Liability Corporate Trustees CERCLA Further Guidance for Trustees Bibliography Index of Cases Appendix A: State Statutes, Cases and Referencesv Appendix B: Forms Form 1: Land Trust Formation Checklist Form 2: Land Trust Termination Checklist Form 3: Land Trust Data Sheet Form 4: Warranty Deed to Trustee Form 5: Quit Claim Deed to Trustee Form 6: Land Trust Form Form 7: Amendment to Trust (adding Powers) Form 8: Amendment to Trust (Co-Trustee) Form 9: Amendment to Trust (generic) Form 10: Property Management Agreement Form 11: Direction to Trustee Form 12: Assignment of Beneficial Interest Form 13: Ratification of Trust by Successor Form 14: Trustee's Deed Form 15: IRS Form 56 Form 16: IRS Form 56-A Form 17: Beneficiaries' Co-Venture Agreement, Simple Form 18: Beneficiaries' Partnership Agreement, Extended Form 19: Promissory Note Form 20: Guarantee of Promissory Note Form 21: Conditional Assignment of Beneficial interest Form 22: Security Agreement Form 23: UCC-1 Financing Statement Form 24: UCC-3 Financing Statement Amendment Form 25: Estoppel Certificate Form 26: Trust Participation Certificate Form 27: Memorandum of Option Form 28: FIRPTA Affidavit Form 29: Assignment of Mortgage to Trustee Index |