Private land trust are a good strategy for asset protection. Private land trust have their strengths and weaknesses. However, the weakness of a private land trust can be combined with other asset protection strategies. I have a client that has a $1.6 million judgment and their real estate was in land trust and it has shielded their properties from a judgment. In normal circumstances, after a judgment is recorded at the local recorder's office such as Dupage County Recorder's Office a lien is placed against all of the real estate owned by their person or persons.
What is a Private Land Trust?
A Private Land Trust is a way of owning real estate, which provides estate planning and asset protection benefits. A Private Land Trust provides privacy and shields the ownership of a property from public record. Second, a private land trust protects against liens and judgments. Private land trust offers basic asset protection, which is not complete asset protection. However, a private land trust is a cost-effective way to provide asset protection for real estate against foreclosures and liens. A Private Land Trust also may be beneficial for estate planning because one can designate the beneficiary of a Private Land Trust. One of the reasons people go through probate court upon a person's death is ownership of real estate. Probate court is a court which supervises the assets of a deceased person when they have no will or they have a will.
In conclusion, a Private Land Trust is an excellent tool for asset protection. A Private Trust can be combined with an Limited Liability Corporation or be customized to provide better or customized asset protection.
Sean Robertson is an asset protection attorney with offices in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318.