Randy Hughes on The Importance of Trusts Episode 925
95% of lawyers don\u2019t understand trusts because they don\u2019t teach this in law school. So you may get push back on whether a trust is allowed in your state or if you can form your own trust. Since 1968, Randy Hughes has been a landlord and real estate investor in central Illinois, and he teaches real estate investors how to protect their assets and their privacy by placing them in trusts.\nIf Randy could shout this from the rooftop, he would. \u201cYou do not want to buy in your name!\u201d he insists. You absolutely must buy in a trust to protect your real estate portfolio. In addition to the legal protections given to trusts, privacy of ownership is becoming increasingly important. Can you imagine having a tenant knock on your door and talk to your children because you\u2019re not there?\nNow, because many lawyers don\u2019t understand trusts, Randy wants you to be aware that every state doesn\u2019t treat them the same. There are no federal land trust laws, so that means you can form land trusts in whatever state you prefer. And some states simply have friendlier land trust laws.\nOne of the main reasons to set up a trust is not to escape your responsibilities, but to protect your assets. Because when you\u2019re threatened with a frivolous lawsuit, what kind of recourse do you have? After 50 years in real estate, Randy\u2019s seen all kinds of lawsuits. He knows that having a hard asset like real estate makes him a target.\nIt doesn\u2019t cost anything to set up your own trusts, but you do need to know how to do it. If you need help, you can contact Randy through his website and then rest easy at night that your heirs won\u2019t have to struggle through probate when you pass.\nWhat\u2019s Inside:\n\u2014Why Randy\u2019s ultimate tax strategy is death.\n\u2014What\u2019s the difference between an LLC and a trust?\n\u2014When you go on a deed with someone, you put all of your own assets at risk for their liabilities.\n\u2014When you should create a trust in a different state, and what your options are.
\n