An LLC, corporation, and other entities have their purpose depending on the need of the person. But Trust is one of the best things on the planet.
First of all, you can set up the trust on your own. You don’t need attorneys and lawyers to do it for you. It doesn’t have annual fees, dues, or tax returns.
At the same time, trust can help avoid probate as well which can save a lot of time and money.
In my Wealth Builders Workshop, Lou Brown discusses the benefits of creating Trust and how it compares to other entities such as an LLC.
Watch the video or visit the link below for more information.
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Hi! It’s Lou Brown. You know, one of the questions people ask me is how do Trusts compare to LLCs, corporations, limited partnerships, that kind of thing. Of course, those are entities that are out there in the world and definitely attorneys recommend those. And the reason they recommend them is because they can get paid not only today for setting it up, but they can get paid annually as you update the records on those. So it can be a very nice income stream to an attorney. Here’s, what’s interesting about a Trust. You can set it and almost forget it. Meaning that you create the trust. You fund the trust with assets. And the trust has a lifespan. And in most States that’s a 20 year lifespan. That’s renewable. So you can actually extend the trust.
And here’s, what’s valuable about a trust, no annual fees, no annual dues, no annual tax returns. With the type of trust that I teach you, which is a trust called a Land Trust. Land Trusts and Personal Property Trusts are flow through entities. Flows through to the tax return of the beneficiary. So let’s say that you are the beneficiary. Then that means that any income, depreciation, losses, any gains, anything would come down to you as the beneficiary, you would file the tax returns. Now, if you get an ID number for the trust, it would have to file just an information only return. Now, this is certainly valuable information because trust is a different thing than an LLC, corporation or limited partnership. So, one thing to know about those is that they are creatures of the state. They are creations of the state. Now that means that the state gave it life, gave it breath and gave it the ability to collect from it, annual dues, annual fees.
So it’s important to know that the trust is something different. It’s a contract. It’s a contract between the trustee and the beneficiary. And as a contract, meaning that there’s certain stipulations, requirements and opportunities within that contract. Then it’s considered to be a different kind of thing than those other things. So the entity that you select or entities you select are very valuable for many reasons. Now, some people say, well, an LLC, that’s a Limited Liability Company. And that means it limits your personal liability. Doesn’t limit the liability of the company, meaning that you could have assets in there. Let’s say that you have 10 pieces of property, 10 pieces of real estate. And those are rental properties. You have tenants in them and let’s say they were all in one, LLC. Well, that means all of your eggs are in one basket. And what does that mean?
Uh-oh.. Somebody could attack the basket. Why would they bother attacking you and talk about Limited liability? It limits liability against you personally, but it doesn’t limit liability against your stuff. So somebody could attack that LLC and take everything in it. Why would they bother with you? So here’s the thing. I love Trusts. I’ve always loved Trusts since I discovered them way back in 1982. Started studying them heavily and started using them in 1984. And then on and on from those years on have learned more and more and more about trusts. Started sharing it with people and teaching in 1986 about this very concept. And what I love about Trusts is, they’re independent of those other types of entities. And they can have certain provisions within that contract that can protect us. So we talk about limited liability company providing protection. Well guess what a trust can as well.
Now people say, well, certain kinds of trusts. We can breach that trust. We can get into it through a lawsuit. Well, what would they find? They would find who the beneficiary is. You see that’s one of the big benefits of trusts is the beneficiaries names are kept private. It’s not published on public record. So as a result, you’ve got the benefit of privacy. And I call them the four Ps. And it’s Privacy, Protection, Probate Avoidance and Profits are available inside of a trust. So what from a privacy standpoint, not having your name published as an owner, obviously in this country is a very valuable thing because for a couple of hundred dollars, somebody can come along and Sue you. And as a result, it could be very expensive and it might cause you to just agree to a settlement rather than go forward with the lawsuit.
So these are considerations when you get involved with some type of entity. Now, going forward, there are other options and other opportunities. So, you think about the protection. Well, not having your name on public record is definitely protection. Now, the type of trust I’m talking to you about, called a Land Trust. Land Trusts are fantastic because you can name the trust, anything you choose. And so that means you can name it something that sounds very wonderful, like the sister Mary Francis Trust or the Native American Youth Trust. So there’s a variety of different names that you could come up with, with this type of trust that I’m sharing with you.
Now, we do have a home study course, and you can learn more about it at MaximumAssetShield.com and you can call my office 1-800-578-8580. And we do have a four day training called Maximum Asset Shield. And certainly you can find out more about that at our website, but I love for you to know that trusts are an amazing, powerful, and different entity than the others that you’ve heard about. And that most attorneys espouse simply because they don’t know what they don’t know. And they don’t know all the benefits of trusts. Well, here’s something that’s a great takeaway. So you can create your own trust and you can have it reviewed by an attorney. But basically once that trust is in place, you’ve got the power of being able to avoid something called probate.
Probate is the opportunity for the court system to get involved. And attorneys to get involved. And expense to get involved. And delay to get involved. That can all be avoided using trusts, meaning that you put your assets into trust and you state who the beneficiaries of that trust are right inside that document, that contract it States who is the beneficiary. Well, that’s a powerful thing. Here’s why, because it’s the court system that creates that secondary passing of the asset from the dead person to the rightful living heirs. Well guess what, inside of a trust, it already identifies who the beneficiaries are. And that’s a powerful P in the four P’s that I was talking about.
And finally, Profits. That you can actually take advantage of one of the great things that trust provide when buying property. For example, when we buy a property from someone else, that property is in the name of the trust. We might just simply take over the trust that owns the property. And we could purchase the beneficial interest in trust. And we could even take over the existing financing on the property. So that’s called buying subject to the existing loan. So there’s very powerful things that a trust has to offer. Definitely want to share that with you. Maximum Asset Shield. Four day event. Or the home study course has all the documentation and what you need. So there’s a variety of different ways that you can gather this information. One of the most powerful things you’ll ever learn in your life that almost no one knows anything about. So hopefully I’ve given you some inspiration and some information that can change your life. Hope to see you soon. Yeah, baby!