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In the Phoenix area the newspaper regularly publishes some details of the most expensive recent home sales. Very often the buyer or seller or both is a trust of some kind, or LLC. Generally this is not true in sales of more "affordable" homes. Why the difference?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Yes, hides the details, otherwise most county websites will show the owner
information. We had one here that just sold for 15 million, a 2 acre vacant lot on the lake, that is in the name of a trust. On the other hand, you can usually find out the principles of a trust pretty easily, but those are not yet available to the mailing list peddlers.
More than one owner? or they are famous and they don't want anyone invading their privacy? Or they are older and they don't want the IRS seizing it if they ever go into a public nursing facility?
In the Phoenix area the newspaper regularly publishes some details of the most expensive recent home sales. Very often the buyer or seller or both is a trust of some kind, or LLC. Generally this is not true in sales of more "affordable" homes. Why the difference?
Both of our properties are in two different Limited Liability Companies. We are far from wealthy. However, in the event that someone were to be injured on one of these properties, (we do have insurance, but even so...), they could only sue the LLC and not us. Therefore, all of our personal property, money and other real estate is protected from any law suit.
By the way, our attorney is the registered agent for both of our LLCs and the members/owners of it is NOT public record (in fact is not recorded anywhere). The ONLY way you can find out who owns an LLC is by your EIN or SSAN, so theoretically, unless they contact the IRS to get this information (with a court order), there is no way that they can discover who owns it. (This is in Missouri, other states may be different).
In the Phoenix area the newspaper regularly publishes some details of the most expensive recent home sales. Very often the buyer or seller or both is a trust of some kind, or LLC. Generally this is not true in sales of more "affordable" homes. Why the difference?
As you can see from your answers, there are several reasons to place a home is trust or sheild it through an LLC.
Often rich people have lots of financial deals that could go sour at any time. They want to keep there assets seperated.
Many wealthy people buy homes in Texas or Florida because you can exempt the full value of a home (even if it is millions) from bankruptcy.
When you have a lot of money to protect, you figure out ways to protect it.
Interesting thread. I'm wondering what kind of cotsts are associated with doing something like this and if you can do it after the house has been bought?
Interesting thread. I'm wondering what kind of cotsts are associated with doing something like this and if you can do it after the house has been bought?
It is possible to transfer the ownership to a trust but that depends on the trust and whether the trust actually is given the property by deed. It is far above my basic estate planning knowledge to even begin to explain it as it's quite complicated and I would be seeking the advice of an attorney if I chose to do this.
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