Land Trusts in Florida [With CDROM] Book

How to Use the CD-ROM     ix
Using Self-Help Law Books     xi
Introduction     xv
Land Trusts History     1
Benefits of Using Land Trusts     5
Privacy
Avoiding Probate
Avoiding Ancillary Administration
Keeping Liens and Judgments off the Property
Avoiding Litigation
Ease of Control by Multiple Owners
Ease of Transferability of Interests
Ease of Changing Contingent Beneficiaries
Simplification of Making Gifts
Ease of Foreclosure
Safer Lease/Option Agreements
Keeping Tax Assessments Lower
Keeping Sales Price Secret
Limiting Liability
Improving the Financial Statement
Ease of Negotiation
Avoiding Partition
Avoiding Personal Problems of Beneficiaries
Holding Judge's Property
Ease of Property Management
Saving Title Insurance Premiums
Avoiding Real Estate Brokerage Laws
Buying Foreclosures
Buying Distressed Properties
Avoiding Seasoning Problems
Spouse's Forced Share
How Land Trusts Work     19
Florida Requirements for a Land Trust
Different Florida Statutes
Validity of Land Trusts in Florida
Title to the Property
Owner of the Property
Third Parties
Merger
Trustee's Duties
Necessary Documentation
Necessary Parties
Optional Parties
Types of Property
Agency Law
Liability
Personal Property
Setting Up a Land Trust     31
Buying Property into Trust
Contract for Purchase
Putting Property into Trust
Putting a Mortgage into Trust
Choosing the Trustee
Choosing theBeneficiary
Naming the Trust
Preparing the Deed
Preparing the Trust
At the Closing
Preparing Trust Certificates
Preparing the Beneficiaries' Agreement
Due on Sale Clauses
Obtaining Insurance
Multiple Properties
Sale and Mortgage Back
Other Interests in Land
Out-of-State Property
Power of Direction
Foreign Beneficiaries
Notary
Witnesses
Form DR-219
Notice to the IRS
Financing Property in a Land Trust     57
Mortgage of the Real Estate
Commercial Lenders
Pledge of the Beneficial Interest
Operating a Land Trust     63
Leasing the Premises
Day-to-Day Activities
Amending the Trust
Changing Successor Beneficiaries
Death of a Beneficiary
Successor Trustees
Governmental Liens
Terminating the Trust
Litigation Involving Land Trusts     71
Parties to the Lawsuit
Identification of the Trustee
Joining the Trustee Individually
Evictions
Bankruptcy
Tort Actions
Creditor Actions
Selling Land Trust Property     77
Deeding the Property
Trustee's Deed
Assigning the Beneficial Interest
Contract for Sale
Lease Option Agreements
Oral Agreements
Brokers' Commissions
RICO Lien Search
Tax Forms
At the Closing
Federal Taxation of Land Trusts     85
Tax Returns
Notice of Fiduciary Capacity
Beneficiary Status
Tax-Free Sale of Residence
Section 1031 Exchanges
Estate and Gift Taxes
FIRPTA
IRS Form W-9
State Taxation of Land Trusts     91
Real Estate Taxes
Homestead Exemption
Intangible Personal Property Tax
Documentary Stamp Tax
Sales and Use Tax
Rental License Tax
Securities Laws     97
What a Security Is
When a Security Exists
Avoiding Securities Problems
Exemptions from Securities Laws
Get an Opinion
Florida RICO Act     103
RICO Liens
Foreign Beneficiaries
Concerns for Trustees     105
Fiduciary Obligations
Liability
CERCLA
Corporate Trustees
Drawbacks and Pitfalls of Land Trusts     111
Unfamiliarity in the Marketplace
Costs
Trustee
Homestead Exemptions
Glossary     115
Bibliography     121
Index of Cases     125
Statutes and Regulations     131
Checklists     141
Blank Forms     145
Index     203