Real Estate Asset Protection

Pat Tarr

Cognovit note - if you default on this note, you have no right to defend yourself if sued. It is only for commercial transactions. Try to use it if you are the seller.

Join the Sosueme tribe.

Homestead property does not have to be in a land trust, it is protected.

LLC from another state could be the trustee. The trustee's only duty should be to forward on to you your tax bill.

Property in trust is no longer subject to the formalities of a real estate transaction.

Property in trust is an exception to the Garn St Germain Act, and mortgage cannot be called due on sale.

Tell insurance co to put down your land trust as an additional insured.

LLC is the best entity. IRA and pension are also protected from suits.

Operating agreement is set up before the LLC and says what it can do.????

IR code says that the creditor may have to pay tax on money that judgment orders, even if they never get it out of the LLC.

Don't set up a single member LLC.

About 125 for an LLC.

Use a safe harbor trust as an umbrella???? Beneficial interest from that goes to an LLC as well.