Land Trusts in Florida / Edition 9

Land Trusts in Florida / Edition 9

2.5 2
by Mark Warda
     
 

ISBN-10: 140222673X

ISBN-13: 9781402226731

Pub. Date: 09/01/2009

Publisher: Sourcebooks

Land trusts can be used as a way to ensure your privacy, a means of avoiding probate, and an easy way to manage property. Land Trusts in Florida is the only book on the market for the state of Florida that explains this all-around great tool in user-friendly detail. Among the essential information included are all of the forms necessary to set up a

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Overview

Land trusts can be used as a way to ensure your privacy, a means of avoiding probate, and an easy way to manage property. Land Trusts in Florida is the only book on the market for the state of Florida that explains this all-around great tool in user-friendly detail. Among the essential information included are all of the forms necessary to set up a land trust and explanations of all of the pertinent Florida and federal cases.

Product Details

ISBN-13:
9781402226731
Publisher:
Sourcebooks
Publication date:
09/01/2009
Edition description:
Book and CD
Pages:
222
Product dimensions:
8.40(w) x 10.90(h) x 0.70(d)

Table of Contents

Using Self-Help Legal BooksIX
IntroductionXIII
Chapter 1Land Trusts History1
Chapter 2Benefits of Using Land Trusts5
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 Beneficiaries
Simplification of Making Gifts
Ease of Foreclosure
Safer Lease/Option Agreements
Keeping Assessments Lower
Keeping Sales Price Secret
Limiting Liability
Improving the Financial Statement
Ease of Negotiation
Avoiding Partition
Avoiding Personal Problems of Beneficiaries
Holding Judge's Property
Ease of Property Management
Saving Title Insurance Premiums
Avoiding Real Estate Brokerage Laws
Buying Foreclosures
Avoiding Seasoning Problems
Spouse's Forced Share
Chapter 3How Land Trusts Work19
Florida Requirements for a Land Trust
Different Florida Statutes
Validity of Land Trusts in Florida
Title to the Property
Owner of the Property
Third Parties
Merger
Trustee's Duties
Necessary Documentation
Necessary Parties
Optional Parties
Types of Property
Agency Law
Liability
Personal Property
Chapter 4Setting Up a Land Trust29
Buying Property into Trust
Putting Property into Trust
Putting a Mortgage into Trust
Choosing the Trustee
Naming the Trust
Preparing the Deed
Preparing the Trust
Preparing Trust Certificates
Preparing the Beneficiaries' Agreement
Due-on-Sale Clauses
Obtaining Insurance
Multiple Properties
Sale and Mortgage Back
Other Interests in Land
Out-of-State Property
Power of Direction
Foreign Beneficiaries
Notary
Form DR-219
Notice to the IRS
Chapter 5Financing Property In a Land Trust47
Mortgage of the Real Estate
Pledge of the Beneficial Interest
Chapter 6Operating a Land Trust51
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 7Litigation Involving Land Trusts57
Parties to the Lawsuit
Identification of the Trustee
Joining the Trustee Individually
Evictions
Bankruptcy
Tort Actions
Creditor Actions
Chapter 8Selling Land Trust Property63
Deeding the Property
Trustee's Deed
Assigning the Beneficial Interest
Contract for Sale
Lease Option Agreements
Oral Agreements
Brokers' Commissions
RICO Lien Search
Tax Forms
Chapter 9Federal Taxation Of Land Trusts69
Tax Returns
Notice of Fiduciary Capacity
Beneficiary Status
Tax-Free Sale of Residence
Section 1031 Exchanges
Estate Taxes
FIRPTA
IRS Form W-9
Chapter 10State Taxation of Land Trusts75
Real Estate Taxes
Homestead Exemption
Intangible Personal Property Tax
Documentary Stamp Tax
Sales and Use Tax
Rental License Tax
Chapter 11Securities Laws81
What a Security Is
When a Security Exists
Avoiding Securities Problems
Exemptions from Securities Laws
Get an Opinion
Chapter 12Florida Rico Act87
RICO Liens
Foreign Beneficiaries
Chapter 13Concerns For Trustees89
Fiduciary Obligations
Liability
CERCLA
Corporate Trustees
Chapter 14Drawbacks and Pitfalls of Land Trusts95
Unfamiliarity in the Marketplace
Costs
Trustee
Homestead Exemptions
Glossary99
Bibliography107
Appendix AIndex of Cases111
Appendix BStatutes & Regulations117
Appendix CChecklists125
Appendix DBlank Forms131
Index185

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