Posted: 10/28/2014 1:08:39 PM EDT
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Anyone in Minnesota here have experience purchasing property / hunting land etc... utilizing a Land Trust? Would love to pick your brain.
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To my limited understanding in MN it would be a beneficiary trust with a standard trustee. You can transfer property out of a trust if you want via the standard methods, the beneficiaries are still the title holders of the property.
However, the benefits are far greater. You don't have to record with the County if you are adding people or selling internally within a family or LLC.. AKA no taxes. If you have a mortgage you don't invoke the expedited sales clause. |