Florida Real Estate, Land Trust.
Telephone: 00 + 1 + 954 882 4252
Florida Land Trust Information.
Florida Land Trust Information For Foreign Investors. Florida Statutes, 689.071. This section may be cited as the Florida Land Trust Act. For both foreigners and U.S. citizens, Florida Land Trusts, are a legal entity to hold title to real estate in Florida. The law concerning land trusts varies from state to state. Florida is one of only two states in the nation that has a specific statute governing land trusts. The specific statute governing land trusts in Florida can be found at Florida Statutes Chapter 689.
Some Of The Advantages Of The Florida Land Trust Are: Non-resident aliens can put U.S. real estate in land trusts and avoid U.S. gift and estate taxes by holding their trust interests in the name of a foreign holding corporation or partnership.
Mortgage financing on land trust property does not become a personal obligation of the trust beneficiary, unless the lender specifically requires a personal guarantee from the beneficiary.
Transferring the interest in the real estate becomes easier and less costly to accomplish. The trust beneficiary can transfer effective ownership of the realty by assigning his interest in the trust to another party, rather than by having to execute and record a deed to the real property.
Members of the public can deal with the trustee as the owner of the property and by law not have to inquire about the extent of his powers or the interests of the beneficiaries. The beneficiary's spouse has no marital claim on the real estate in trust and does not have to join in conveying the property.
Land trusts can assist with a "gifting" program in connection with estate planning. A land trust beneficiary can transfer fractional portions of his interest as multiple gifts to different recipients over time, at a discounted valuation, thereby reducing the size of his taxable estate at death.