Asset Protection - Florida Land Trust

[Brian Dickerson]

Closed on our first two deals for rental properties. The properties are in NY and I am in Florida. Conventional loans, I want to get the title out of my name. The best solution I have found is creating a trust with an LLC as the beneficiary.

Can I make a Florida land trust and Florida LLC , or do they have to be based in the state where the property is located?

How involved is the process to set up a trust?

[Edward B.]

This does not get around the due on sale clause in most cases. Just obscures what you are doing. A trust is not really any more involved than an LLC, and like an LLC it is a good idea to consult an attorney experienced with what you are trying to do in order to ensure what you set up will actually accomplish that.