5 replies to this topic

[RichJinPA]

Hello,

 

I want to get started in investing but I want to make sure I have my privacy and protection in place.  I read in other areas that it's good to put everything in a Land Trust and use an LLC for beneficiary and or trustee.

 

But then further reading I read it's more difficult and expensive to do in Pennsylvania.

 

Do you have any "details" on how I can have privacy and protection for properties I may have in PA? If so, how precisely would I set it up?

 

I appreciate your help. 

 

Thank you,

Richard

[MichaelC]

Rich, I'm not familiar with the specifics about how PA handles this.  What are you running up against?

[RichJinPA]

I read that if the property is taken in a Land Trust then you have Capital Gains tax and you are required to disclose the beneficiary and trust agreement. Technically it isn't Land Trust but instead a Business Trust since Pa does not allow Land Trusts.  In addition if the trustee or beneficiary is changed there is an additional Transfer Fee. 

 

Seems it defeats the purpose of the Privacy of a Trust if the beneficiary is disclosed. Again, I am only going my my interpretation of what I've read.

 

Here is one of the articles I've read:

http://dornish.net/a-matter-of-trust

 

Anyone have any experience with this in Pennsylvania? 

[MichaelC]

Rich, I am not in a position to offer advice on legal entities in PA, never having set one up in the state.  Advice I don't like to give but I think it is best I do in this situation:  contact a professional in this field and do the right thing for your needs. 

[RichJinPA]

Thanks Michael. Ill probably have to do that. If you dont mind me asking...what do you put your properties in...your name, llc, land trust?

Also when can your new book be ordered? I saw it mentioned but didnt see how to order it.

Thanks again

[MichaelC]

If you dont mind me asking...what do you put your properties in...your name, llc, land trust? 

 

LLC has always met my needs for privacy and protection.

 

Also when can your new book be ordered? I saw it mentioned but didnt see how to order it. 

 

Another member asked me this same question the other day, right here.  Second to last post.