Ep. 194 Mac McWhirter: Land Trusts

In this episode we discuss land trusts with Mac McWhirter, executive director of WorldWide Trustee Services LLC. And we explore the many advantages land trusts have to offer. Some of the main advantages are privacy of ownership (anonymity) and the possible avoidance of a probate. A land trust can also help protect against judgments and liens, facilitate estate planning, prevent land partition, and ease real estate title transfer. And Florida is one of the best states to hold title in a land trust!   Mac also discusses some potential disadvantages of land trusts such as the false belief that the trust protects property owners from all liability. The other key thing to realize is that, even though there is anonymity for the property owner, a court can order full disclosure of property owners for certain civil and criminal complaints.   Key Discussion Points [07:52] How did you get into land trusts? [08:51] What problems does a land trust solve? [10:26] Does a land trust work like an LLC? [11:49] Can somebody still file a lien against a property owned by a land trust? [16:23] What are some of the downsides to land trusts? [17:28] What are the tax consequences of a land trust? [19:10] If something happens to the land trust owner, how will the property continue to get transacted properly? [20:22] What are the costs for an investor compared to an LLC? [21:47] What are the typical land trust fees? [22:36] What are the typical land trust fees? [23:45] Is Florida a good state to hold title in a land trust? [24:43] Does a land trust have to be a single entity beneficiary or can it be a partnership? [29:01] Closing remarks by Eric and Steven