Tuesday, June 26, 2012

Private Plan

Patricia’s family and our business would be moving in soon after our office addition onto Priscilla’s home was built.  We planned for shared expenses and mortgage payments followed by an adjustment to the inheritance Priscilla and her husband would leave to Patricia and Jeanette.

But we wanted to stay flexible to allow changes over time while keeping our plans private.  Only we (our family) need to know the details of how it started versus how it may end. 

We decided to have ownership held in an Illinois land trust.  This is something unique to our state.  A bank holds actual ownership of the house as trustee. 

Priscilla and Ed and their own revocable trust are in charge of and are the beneficiaries of the land trust now.  Many changes that might be helpful in the future can be made formally in the land trust by altering the trust agreement held by the bank.  Thus, changes are verifiable with the bank as a ‘disinterested third party’ record keeper, but will not be public, meaning they will not be recorded with the county’s Recorder of Deeds.  

Illinois government does not get everything right, we write with a slight cringe.  But land trusts are a special rule made by the Illinois legislature that can be useful in multi-generational plans like ours – and other situations where privacy is important. 

There are many ways to carry out estate planning goals – and land trusts are a special option for those of us who own Illinois real estate.  To discuss ways to carry out your own family’s plans, please call our office at (815) 436-1996 for an appointment.  ©2012 Gruber Law Office, Ltd.


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