Conveyance of Florida Homestead From Land Trust to Beneficiary
An email asked if the transfer of a personal residence from a land trust to the beneficiary of the land trust who resides on the property is a fraudulent conveyance under Florida law. I think that the transfer is not a fraudulent transfer under most land trust agreements. A land trust typically vests all beneficial ownership and use in the land trust beneficiary. The trustee holds minimal legal title, and the beneficiary retains total control over the trust property and the trustee. Even if the conveyance is deemed fraudulent, the result is that the residence once owned in the name of the beneficiary is exempt from creditors as a Florida homestead. The more important issue is whether the same property in the name of the land trustee has homestead protection. With the exception of one case to the contrary, most courts in Florida have extended homestead protection to a residence titled in a revocable living trust or a land trust where the beneficiary uses the property as his primary residence.
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Is a land trust a scam? In a IRS publication, it is stated that the land trust is one of the abused trusts.
Who is the "owner" of a land trust - is the beneficiary of the trust the owner of the trust or is the trust the owner
1. The "owner" of a Land Trust is the beneficiary. Unlike other Trusts, a Land Trust is beneficiary driven. Most other trusts are Trustee driven.
2. No, a Land Trust is not a "scam." Land Trusts are legal and have been in use for over 100 years in the US. Land Trusts are tremendous tools with at least 32 reasons to use them. Go to: wwww.realestateforprofit.com to find out the truth about Land Trusts.