If you, your family, or your business owns rental or commercial property, you may want to explore incorporating a nominee trust as part of your estate planning. A nominee or real estate trust has many benefits and can make the process of transferring real estate more efficient and more affordable than other means. If you own real estate, Shapiro Law Group, PC, can help you protect that investment now and in the future. Let us help you navigate the benefits of creating a nominee trust.
Benefits of a Nominee (Real Estate) Trust
When a nominee trust is created, one major benefit for trustees and beneficiaries is confidentiality. The members of the trust are not listed publicly. Deeds can be transferred without recording with the Registry of Deeds. If a percentage of ownership within the trust changes, there is no need to re-record the deed either. By having a nominee trust in place, a group of owners can also avoid fees and real estate transfer taxes.
A nominee trust is ideal for family owned businesses and corporate ownership of commercial establishments. It should be noted that having a nominee trust does not protect the trust holders from action by creditors or tax collections. However, having one in place does let trustees and beneficiaries bypass the probate process.
Experienced Trust Law Attorneys
The real estate attorneys at Shapiro Law Group, PC, can help any real estate owner decide if the creation of a nominee trust is right for him or her. Our firm can evaluate your present situation and property, and help devise a plan going forward. We will fully explain the benefits and options related to a nominee trust and help you decide the best course of action. Our skilled estate planning attorneys will take the time to listen to your needs and understand how you want your real estate handled now and in the future. We give each client a customized approach in regards to all estate planning matters. Let us create and revise a nominee trust that works in your best interest and the best interest of those with whom you own real estate.
The trust attorneys at Shapiro Law Group, PC, are ready to help you. Contact us today to set up your free initial consultation. 339-298-2300.