Taxes Accounting Docs
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These are original documents we\'ve been developing over the past year to educate Realtors, US Investors, Foreign Investors, distressed home owners and Retiring Baby Boomers
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Taxes Accounting Docs
- 1. Contract Analysis Workshop Taxes, Accounting, Documentation
- 10. 607.0505 Registered agent; duties.—(1)(a) Each corporation, foreign corporation, or alien business organization that owns real property located in this state, that owns a mortgage on real property located in this state, or that transacts business in this state shall have and continuously maintain in this state a registered office and a registered agent and shall file with the Department of State notice of the registered office and registered agent as provided in ss.607.0501 and 607.0502. The appointment of a registered agent in compliance with s. 607.0501 or s. 607.1507 is sufficient for purposes of this section provided the registered agent so appointed files, in such form and manner as prescribed by the Department of State, an acceptance of the obligations provided for in this section.
- 11. 1. Objectives, Purpose and Disclaimer 2. Trustee 3. Trustee Property 4. Consideration 5. Death of the Trustee 6. Florida RICO, Succession and Encumbrance Lien Search 7. Address of Principals 8. Partition 9. Governing Law 10.Parties bound 11.Direction to the Trustee Incorporated 12.Exhibits are for Consideration and Additional Expenses that arise. 13.Immediate Direction to the Trustee
Editor's Notes
- The responsibility of writing a contract is ominous because it is law making. A contract that you write for yourself and which another person agrees to is a matter of personal law. In a person’s life, the occasion inevitably presents itself to write a contract just to be sure of an agreement between you and another party. The occasion can be a marriage, an automobile purchase, a tax return or the creation of a business. In this case we focus on the discussion of the documentation used in the creation of a Florida Land Trust.A Land Trust Agreement is, in part, one such occasion. This workshop is not intended to make any of you lawyers. It is intended to give you a better understanding of the documentation that arises under the conversion of property into a Land Trust. My Name is Michael Belgeri, I am the course presenter for this on-line workshop
- Except for reporting the consideration received, the Trustee has no tax obligations for his relationship with the Trust. However the Trustee is responsible for providing the beneficiaries the necessary documentation for their respective filings under IRS regulations.
- When there are multiple beneficiaries holding A Land Trust, unlike an LLC, the land trust is not partnership dependent unless it wants to be. The land trust can contain ‘partnership-like restrictions’ if the beneficiaries so choose. It can also be allowed by the Land trust that any beneficiary can, at any time, sell their interest in the trust to whom so ever.
- One of the key benefits of the land trust is simply stated in paragraph 21, the line of succession. As a result of naming a successor beneficiary in the land trust agreement probate is avoided upon the death of the beneficial interest holder. Succession interest is immediate. This is also true in the case of incapacity on the part of a beneficial interest holder and can be so addressed in the document at its inception or during the course of the Trust’s life of ownership.
- Paragraph 22 spells out the Trustee’s complete and total freedom from liability on its part pertinent to any issues arising from the property, its sale, gains, losses, trades or corruptions by legal actions.
- Paragraph 23 is most pertinent to investor owned and property managed land trusts. It reflects to the residentially owned trust in so far as title insurance and, if desired liability insurance is desired by the beneficial interest holders.
- The trustee must be paid his due when required. What is due the trustee for his services is spelled out as a separate attachment to the document and covers fees for actions required by direction of the beneficiaries. This paragraph makes those obligations for services given due and payable to the trustee when they are executed in the interest of the property.
- Paragraphs 25 through 32 are ‘boiler plate’ recitals covering the agreement, law, dynamic reporting and the document’s format.
- In the United States, a notary public is a person appointed by a state government, e.g., the governor or state secretary, or in some cases the state legislature, and whose primary role is to serve the public as an impartial witness when important documents are signed. Since the notary is a state officer, a notary's duties may vary widely from state to state and in most cases bars a notary from acting outside his or her home state unless they also have a commission there as well. With any legal document we suggest you seek the advice of an attorney who has been educated and has experience with the construction of a Land Trust Document; if you don’t choose an attorney then use a notary public as a witness. It will be of significant value for numerous occurrences and should the death of a beneficiary occur.
- Under Florida’s agency statute 607.0505 there is a requirement of Florida residency for an agent who in some fashion holds property in Florida. This is not the case for a land trust Trustee, unless that Trustee is one of the business entities defined by Florida’s Agency statute. For example if you name a Florida LLC as a trustee or a beneficiary, the Florida LLC is required to have an agency and an agency address in Florida because of what it is not because it is either trustee or beneficiary of a Florida Land Trust. Therefore naming a foreign LLC from Delarware, Canada or Germany as Trustee does not place a requirement for residency or a Florida address on the Trustee.
- One of the unique features of a Land Trust Agreement is its ability to provide added functionality. We have provided you with an example of that facility here in this “short” version of the Land Trust. In addition to a shorter recital structure, as itemized on the right, this Trust document includes the Direction to the Trustee to conduct an action.For simplicity we divide the Land Trust Agreement into two separate formats. This is the short form. Like the “Extended Recital” it accomplishes the agreement and contains the key points. Unlike the extended however it assumes most of the powers and duties of the Trustee. While this document can be used, we recommend that the extended term Land Trust Agreement be implemented at the earliest possible time following the transfer of any property into a trust because of its expansive coverage of all critical activities of the beneificiaries, and duties of the Trustee.