Are land trusts legal in Florida?

What is a Land Trust in Florida? A Florida land trust is a private agreement among several people to operate, manage, and hold legal title to Florida real property. Florida land trusts operate under section 689.071 of Florida law, also known as the Florida Land Trust Statute or the Florida Land Trust Act.

Are Florida land trusts revocable?

The Florida Land Trust is a fully revocable grantor trust drafted specifically to buy, hold, finance and sell Florida real estate or other personal property in a confidential or private manner pursuant to the Florida Land Trust Act that was adopted by the Florida legislature in 2006.

Can a family trust own land?

In some states, owning properties through a family trust means that your property may not be eligible for the tax-free land threshold. For example, in New South Wales and Victoria, a family trust doesn’t qualify for a land tax-free threshold, so you might end up paying a high land tax amount.

How much does it cost to set up a trust in Florida?

Our firm charges $700 for a Florida land trust. The fee includes: A brief discussion with an attorney to gather information and explain generally how the trust works. If needed, preparation of a quitclaim deed from a trustmaker to the trustee. A standard land trust agreement identifying the beneficiaries and provisions of the trust.

What are the benefits of a land trust in Florida?

The primary benefit of a land trust in Florida is to provide confidentiality over your ownership of real estate. The county public records will show only the name of the trustee of the land trust–not the name of the beneficiary. The benefits of a land trust include: Privacy .

Who is the beneficiary of a land trust agreement?

A land trust agreement is a legal agreement under which the trustmaker appoints another person to serve as trustee with the trustee holding legal title to real estate property for the benefit of the beneficiary (typically trustmaker). The prospective real property owner can be both the trustmaker and a beneficiary.

Can a land trust qualify for a homestead exemption in Florida?

The beneficiaries of a Florida land trust can still qualify for the homestead exemption, both for tax purposes and for protection from forced sale by a judgment creditor. A Florida homestead may be owned by a land trust. Florida Statute 689.071 controls land trust agreements and land trust ownership.

Is there a land trust in the state of Florida?

The Florida Land Trust is a simple and inexpensive solution for holding legal title to real estate or personal property.

Our firm charges $700 for a Florida land trust. The fee includes: A brief discussion with an attorney to gather information and explain generally how the trust works. If needed, preparation of a quitclaim deed from a trustmaker to the trustee. A standard land trust agreement identifying the beneficiaries and provisions of the trust.

A land trust agreement is a legal agreement under which the trustmaker appoints another person to serve as trustee with the trustee holding legal title to real estate property for the benefit of the beneficiary (typically trustmaker). The prospective real property owner can be both the trustmaker and a beneficiary.

The beneficiaries of a Florida land trust can still qualify for the homestead exemption, both for tax purposes and for protection from forced sale by a judgment creditor. A Florida homestead may be owned by a land trust. Florida Statute 689.071 controls land trust agreements and land trust ownership.