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@loloforge2841Ай бұрын
Clint is going to be me Tax/Asset protection attorney! Solid guy!
@ClintCoonsАй бұрын
Thanks
@gihanmartin58072 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 ?
@ClintCoons2 ай бұрын
Yes you would want to update your carrier
@aeongaming25614 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.
@Mudbug20004 ай бұрын
Always great info!
@tg640525 күн бұрын
What's the difference between "reserving usufruct" and "equitable title" as you suggest?
@AberrantArt4 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?
@dannysmith46494 ай бұрын
Basically you re-write the document and have it notarized. If you want more help than that, you better call them ;)
@AberrantArt4 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?
@DannyBGoode14 ай бұрын
@@AberrantArt Yes, that's right.
@ClintCoons4 ай бұрын
I'll definitely look into making a video on how to restate a Trust or Operating Agreement.
@libertyland1232 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?
@ClintCoonsАй бұрын
Yes, that would be best if your state had a good homestead law. We set up PRTs.
@Ar-jm3os22 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!
@ClintCoons19 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-jm3os18 күн бұрын
@@ClintCoons ok thank you I'll look into this
@jimfranklin38854 ай бұрын
Super thx Clint! Super useful.
@ClintCoons4 ай бұрын
Glad it was helpful
@davidcollier84922 ай бұрын
Great video. What bad things might happen by shifting equitable interest to Bene?
@ClintCoons2 ай бұрын
What part of the video are you referencing?
@davidcollier84922 ай бұрын
@@ClintCoons 7:00 mark. kzbin.info/www/bejne/q37Yi2qJftaiqbcsi=5zLeH4863VO5JZ3E&t=420 Correction: I used the term "interest. Should have used "title".
@ClintCoons2 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.
@davidcollier84922 ай бұрын
@@ClintCoons Clear on that, interested to know what asset protection or tax ramifications could result. Equitable title is a tricky concept.
@activemusickid2 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?
@ClintCoons2 ай бұрын
Land trust would be my preference.
@activemusickid2 ай бұрын
With a residence trust, should the beneficiary be an LLC or the name of the homeowner?
@ClintCoons2 ай бұрын
Your living trust would be the beneficiary
@TheSaint1354 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?
@ClintCoons4 ай бұрын
Correct. In your situation you might consider a different structure.
@aplack19492 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?
@ClintCoons2 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.
@aplack19492 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?
@MHOMESS2 ай бұрын
What if you live in New Jersey
@shofarhagadol46984 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?
@ClintCoons4 ай бұрын
Yes we can serve as a nominee trustee on trusts that we create.
@heithdmohler4 ай бұрын
Great info. Ty
@kevinmaloncon48024 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.
@ClintCoons4 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.
@activemusickid2 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?
@ClintCoons2 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
@activemusickid2 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?
@davegunner27174 ай бұрын
Thank you 🙏
@JaredShapiro3 ай бұрын
In your scenario, are you referring to a revocable living trust for your primary residence opposed to a revocable land trust?
@ClintCoons3 ай бұрын
I prefer to use a revocable residence trust for anonymity.
@hoola92244 ай бұрын
Does a land trust protect from federal or state tax liens?
@Savingusnow4 ай бұрын
Hahahahahahaha.
@hoola92244 ай бұрын
@@Savingusnow Im asking for a friend. LOL
@hwoodist4 ай бұрын
I have a friend who would like to know the answer, as well.
@hoola92244 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.
@ClintCoons4 ай бұрын
It does not
@xxmaddog_madaraxx3 ай бұрын
I thought you were going to say a personal property trust 🥴🥴
@ClintCoons3 ай бұрын
Ahh but does it make sense?
@xxmaddog_madaraxx3 ай бұрын
@@ClintCoons true. That's why I watched till the end 😅