Introduction to Land Trusts

Christopher Yugo has a nice introduction to land trusts -- including advantages and disadvantages -- here.  Land trusts are only used in a few states (Illinois is one, and evidently Indiana is another), but as Mr. Yugo says, they can be useful in certain situations.  That being said, I still usually prefer to use living trusts.  Living trusts can hold real estate AND other assets, and since you are typically the initial trustee (with a spouse or other family member as successor), there's no issue of trustee fees.

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