Real Estate Attorney Recommendations
Hi Everyone,
I'm looking to transfer title of a property out of my own personal name. Has anyone had success setting up a Land Trusts in Rhode Island for title holding purposes? If so, any attorney recommendations are appreciated.
Hi @Roger Mejia land trusts aren’t really used in RI. You can technically use them but most attorneys don’t understand them and title companies don’t like them. That said, I can recommend some good real estate attorneys nonetheless if you want to discuss the finer points of it or have other RE questions.
Keep in mind that most trusts also don’t provide asset/liability protection either. There are “domestic asset protection trusts” (DAPTs) in RI but while cheaper than LLCs (no yearly fee) they're also inferior in some ways (a 4 year look back period for assets placed into the trust, more complex than an LLC, likely more costly to set up).
In most cases I'd recommend keeping it simple and just going with an LLC but obviously you should have this discussion with an attorney, particularly to fit the recommendation in with your overall situation, possibly estate planning considerations, etc.
Thank you for your response @Anthony Thompson. Please do provide the recommendations
