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@loloforge2841
Ай бұрын
Clint is going to be me Tax/Asset protection attorney! Solid guy!
@ClintCoons
Ай бұрын
Thanks
@gihanmartin5807
2 ай бұрын
Hi Clint, great info. When you set up residence trust,how this affects the home insurance? Are you required to inform the insurance company and add the trustee/ beneficiary as an additional insurance ?
@ClintCoons
2 ай бұрын
Yes you would want to update your carrier
@aeongaming2561
4 ай бұрын
Clint, what kind of structure would you recommend for House Hacking (i.e. Owner occupied Duplex with tenant)? Your recommended structure of an LLC might not work for asset protection since it mingles personal use with business since you are living there.
@mrjuannorris_
4 ай бұрын
It has nothing to do with you living there if it’s not in your name and is an investment. You have to start looking at things as the company is the owner.
@Mudbug2000
4 ай бұрын
Always great info!
@libertyland123
Ай бұрын
I'm about to buy a personal residence in a Sub to situation. Still use residence trust versus land trust? Where to get a good residence trust document at?
@ClintCoons
Ай бұрын
Yes, that would be best if your state had a good homestead law. We set up PRTs.
@Ar-jm3os
20 күн бұрын
Hi ! would you recommend this strat. in NY state or just rely on NY state homestead laws? I am thinking about renting some tents/cabins on the land that my prim. res. is on. And wondering if I should create a separate LLC to operate that rental business to add layer of protection , where I'd act as the manager of the LLC and not as a person/ owner of the land, would it be worth it if its just one or two rentals ? the short term rental platforms do offer liability insurance if smth were to happen to guest on the property, but not sure about home insurance. Maybe I could add an umbrella coverage? And after watching this video I am wondering if homestead law in NY would protect the primary residence in a suit situation if smth were to happen to a camping guest, or is it better to move the primary res in the personal residence trust and go through the expense of a business LLC and personal res. trust? If so, then who would you recommend as trustee to hold legal title. Would it be a family member ? Thank you!
@ClintCoons
17 күн бұрын
I would consider using a Residence trust and a friendly lien from a WY LLC to make any equity disappear. Make the asset appear not worth pursuing.
@Ar-jm3os
16 күн бұрын
@@ClintCoons ok thank you I'll look into this
@davidcollier8492
2 ай бұрын
Great video. What bad things might happen by shifting equitable interest to Bene?
@ClintCoons
2 ай бұрын
What part of the video are you referencing?
@davidcollier8492
2 ай бұрын
@@ClintCoons 7:00 mark. kzitem.info/news/bejne/1oOrwGuJgqOgpoosi=5zLeH4863VO5JZ3E&t=420 Correction: I used the term "interest. Should have used "title".
@ClintCoons
2 ай бұрын
@davidcollier8492 With a personal residence to maintain your homestead exemption, equitable title should remain with the beneficiary and not the trustee as in a land trust.
@davidcollier8492
2 ай бұрын
@@ClintCoons Clear on that, interested to know what asset protection or tax ramifications could result. Equitable title is a tricky concept.
@jimfranklin3885
4 ай бұрын
Super thx Clint! Super useful.
@ClintCoons
4 ай бұрын
Glad it was helpful
@AberrantArt
4 ай бұрын
Can you do a video on HOW to restate a Trust or Operating Agreement? Example: include dates, record it, etc. Whatever is needed to do it right?
@dannysmith4649
4 ай бұрын
Basically you re-write the document and have it notarized. If you want more help than that, you better call them ;)
@AberrantArt
4 ай бұрын
@@dannysmith4649 notarized is the key 🔑 here. That's the stuff I wanted to know, thank you. So as long as it's notarized then it's legal and legit once it's updated?
@DannyBGoode1
4 ай бұрын
@@AberrantArt Yes, that's right.
@ClintCoons
4 ай бұрын
I'll definitely look into making a video on how to restate a Trust or Operating Agreement.
@heithdmohler
4 ай бұрын
Great info. Ty
@kevinmaloncon4802
4 ай бұрын
Hey Clint, I just watched your video on personal residence and land trust. You made it very clear that the personal residence should go into a residence trust. Is a residence trust the same as a Qualified Personal Residence Trust (QPRT)? If so, is it required to be irrevocable or can it be revocable? If not, am I getting my Google search wrong because from what I see a QPRT is a life-time transfer to reduce gift or estate tax. Is there a better search term other than residential trust that will give me more information on that particular topic? Thanks.
@ClintCoons
4 ай бұрын
It is different. A QPRT has an estate tax component and is only used for property that is unencumbered. Great strategy but different.
@tg6405
23 күн бұрын
What's the difference between "reserving usufruct" and "equitable title" as you suggest?
@activemusickid
2 ай бұрын
In my state, you can only have 1 property designated as your "primary residence," which means that you can only claim the Homestead Exemption on 1 property. Now, if I buy a beach house, although it may be a personal residence of mine, it's not my "primary residence" and therefore, it isn't eligible for any such homestead exemption... So for the beach house, should I put it in a land trust or a residence trust?
@ClintCoons
2 ай бұрын
Land trust would be my preference.
@TheSaint135
4 ай бұрын
My homestead exemption is under $20k. My personal residence is worth over $600k. Homestead exception is a joke in Tennessee and will not protect me in case a creditor comes after me. Why would I want to protect my homestead exception?
@ClintCoons
4 ай бұрын
Correct. In your situation you might consider a different structure.
@aplack1949
2 ай бұрын
If you are married, why not just title with spouse as tenants by the entirety? Wouldn’t that get you full protection from creditors if your state allows since my wife would own 100% as well? She would even own 100% of future cash. You don’t have anonymity but if you are ok with that it seems like a plan that would work. Thoughts?
@ClintCoons
2 ай бұрын
That used to work, but now courts are not respecting the ownership like they did in the past, and the protections have been weakened.
@aplack1949
2 ай бұрын
@@ClintCoons what could courts do to not respect ownership if the state law says that the spouse owns 100% of the property? how could creditors possibly get around that if a lawsuit were to be just against one spouse?
@activemusickid
2 ай бұрын
With a residence trust, should the beneficiary be an LLC or the name of the homeowner?
@ClintCoons
2 ай бұрын
Your living trust would be the beneficiary
@shofarhagadol4698
4 ай бұрын
@ClintCoons Clint, I have a series of irrevocable asset protection trusts set up. As the Grantor, I will have my trustee purchase a house in the name of that irrevocable land trust and I will occupy it from time to time. Since the trust will own the house, is it a moot point concerning homestead exemption? As a client of Anderson Advisors, I can have you review that trust and still use your services as a nominee trustee, correct?
@ClintCoons
4 ай бұрын
Yes we can serve as a nominee trustee on trusts that we create.
@activemusickid
2 ай бұрын
So if my trust name includes a portion of the address within the name, when I go to make my offer, the seller is going to see that I included part of the home address within the trust name, which would indicate that I’m very inclined/expecting to buy… That’s not optimal for negotiation… How I can prevent the seller and his realtor from seeing the name of my trust in the offer? Or do you recommend naming the trust something else and then changing it afterwards to reflect property address?
@ClintCoons
2 ай бұрын
That is one way of making the offer in the name of an LLC with "and or designated entity" included so you can switch to closing in the trust
@activemusickid
2 ай бұрын
@@ClintCoonsBut can your nominated trustee be an LLC with a residence trust? Or does it have to be an individual, like an attorney for example?
@MHOMESS
2 ай бұрын
What if you live in New Jersey
@davegunner2717
4 ай бұрын
Thank you 🙏
@hoola9224
4 ай бұрын
Does a land trust protect from federal or state tax liens?
@Savingusnow
4 ай бұрын
Hahahahahahaha.
@hoola9224
4 ай бұрын
@@Savingusnow Im asking for a friend. LOL
@hwoodist
4 ай бұрын
I have a friend who would like to know the answer, as well.
@hoola9224
4 ай бұрын
@@hwoodist I have a suspicion that it will protect from the greedy ones. Your name is not on the deed and technically you don't own the property.
@ClintCoons
4 ай бұрын
It does not
@JaredShapiro
3 ай бұрын
In your scenario, are you referring to a revocable living trust for your primary residence opposed to a revocable land trust?
@ClintCoons
3 ай бұрын
I prefer to use a revocable residence trust for anonymity.
@xxmaddog_madaraxx
3 ай бұрын
I thought you were going to say a personal property trust 🥴🥴
@ClintCoons
3 ай бұрын
Ahh but does it make sense?
@xxmaddog_madaraxx
3 ай бұрын
@@ClintCoons true. That's why I watched till the end 😅
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