QUESTION:

Hi Mike, When you put a rental property in a trust.

Can you set up a bank account to receive payments and pay expenses or do I have to get an LLC to do this?

I don’t want the bank to ask for the paperwork and see the beneficiaries. 

Thanks 
Maria

 

ANSWER:

Land Trust is a privacy instrument and is the owner of record.

Your beneficial interest, in our language, is the owner and reports the activity on tax returns.

if you use a LLC, you must have a bank account.

 

Mike

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