As an agent, you should look for ways to bring value to your clients as much as possible. This is what makes us advisors rather than salespeople. One of the things you should be talking about with your clients, especially the high-end ones, is the benefits of a land trust…specifically a title-holding trust.
A title-holding trust allows the property owner to anonymously maintain all rights over the property and direct the actions of the land trust. Title-holding trusts are used as a way for property owners to maintain anonymity and keep valuable assets out of probate. They can also provide a number of other estate planning benefits and protect assets from judgments or liens. This can be especially useful for the very wealthy, celebrities, and large companies who may want to keep development plans under wraps.
There are three key advantages you should know about:
- Internet privacy. If your clients own property normally, people could google them, and their address might come up. If they put that property in a land trust, their name won’t be associated with their address.
- Estate planning. If your clients pass away, it’s much easier to distribute their properties through a land trust. It also serves as a bit of a tax shelter.
- Liability protection. Let’s say someone was hit by a car. If they notice that your client has a lot of properties in their name, they might become the target of a lawsuit. When your client uses a land trust, they might not get targeted as much because it’s harder to see what they own.
If you have any questions about today’s video or if you’re considering a change in your career to another brokerage or team that specializes in luxury real estate, please call or email me. Don’t forget to jump on our “Luxury Fridays” on YouTube each Friday. Check it out by going to www.LuxuryFridays.com and clicking on the “Luxury Friday’s On YouTube” button.
Founder & CEO | Luxury Listing Specialist Designation (LUXE)
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