F.A.Q. Frequently Asked Questions
GENERAL and REAL ESTATE Questions
WHY Are TrusteeServicesUSA.com LLC’s Trusts BETTER Than Land Trusts?
Click Here to Get Mike Butler’s Special Report “7 HUGE Reasons To NEVER Use Land Trusts!”
What If My Attorney Says “NO” or Does Not Understand?
Maybe you have the wrong attorney! Most good real estate attorneys are going to understand the benefits of putting your assets in trusts. If your attorney does not, give him or her this information to read. Explain to your attorney that YOU are going to use this trust and you want your attorney to feel comfortable with it. YOU are the client. YOU have hired your attorney and they should work with you, not against you. It is OK to tell your attorney what you want. If your attorney reads our information and still is not in favor of the trust, I’d start looking for another attorney.
Can a TrusteeServicesUSA.com Trust Be Used In Place of a LLC – Limited Liability Company?
ABSOLUTELY NOT! A trust keeps the public from knowing what you or your company owns. It does NOT provide protection from lawsuits. If someone slips and falls at your property, they will sue the “owner” of the property. The true “owner” of the trust is the beneficiary. If you are the beneficiary, and the person suing the trust wins, they get a judgment against YOU. That means all of your assets can be taken from you if the judgment is big enough. If the beneficiary is your LLC, they may be able to take the assets from the LLC, but they won’t be able to get your other assets.
Why Do I Need TrusteeServicesUSA.com, LLC As My Trustee?
Can’t I be the trustee? YES, you can be your own trustee. But by doing so, you have just told the world that you are somehow involved in the ownership of this property. That defeats the purpose of the trust. We want NO ONE to know you are involved in the property. The more the public (i.e. ATTORNEYS!) know about you, the more likely they are to try to get your money.
How Many TrusteeServicesUSA.com LLC Trusts Do I Need?
You need one trust for EVERY SINGLE PROPERTY YOU OWN. If you use only one trust for multiple properties, again, you’ve defeated the purpose of the trust because now you’ve let the public know that this trust owns lots of properties. That means you just put a big fat bulls eye on the trust saying “COME SUE ME, I OWN LOTS OF PROPERTIES!”
Do I Need An EIN (Employer ID Number) or Federal Tax ID# For My TrusteeServicesUSA.com LLC Trust?
NO! That’s another beautiful thing about the TrusteeServicesUSA.com LLC trusts. You do NOT need a tax ID# and you do NOT need to file a tax return for the trust. (for tax purposes, the beneficial interest(s) are treated as the owners.)
Do I Need A Bank Account For Each Of My TrusteeServicesUSA.com LLC Trusts?
NO! Another beautiful thing! Your tenant will make the rent payments to the trust, the trust will endorse the check, and you will deposit the check in your LLC bank account you use for your real estate business.
How Do I Handle Insurance On These Properties?
Tricky question… if you have a loan on the property, you need to figure out who the lender thinks owns the property. If they think YOU own the property personally, the insurance MUST be in your name. If they think your LLC owns the property, the insurance MUST be in the name of the LLC. But you also should have the trust listed as an “additional insured” on your insurance policy. There are several simple solutions to this question and each insurance company has their own “procedure” to make this happen for you. Once you have created your TrusteeServicesUSA.comLLC Trust, you will get to download your “Guide To Get Your Insurance Set Up Properly.”
What Happens When I Want To Refinance or Get a Loan On These Properties?
Can I do that in my TrusteeServicesUSA.com LLC Trust? Maybe yes, maybe no. In the area of dealing with financial institutions and borrowing money secured by real estate, “He Who Has The Cash, Makes The Rules!” If you are getting a 30 year fixed rate loan, the lender most likely will require you to transfer title to yourself, and then you refinance, and then you deed the property back to your trust. If you’re getting a short term loan from a local bank, they will probably let you refinance in the name of the trust. There is no “etched in stone” policy on this one. It is up to each lender.
The Title Insurance Company Wants A Copy Of My TrusteeServicesUSA.com LLC Trust. Should I Give It To Them?
You will have to give them a copy so they can confirm the trustee has power to buyer or sell. So, YES, you can give it to them. BUT PLEASE PLEASE PLEASE tell them (in writing) to NOT record the trust. If the trust gets recorded, that again defeats the purpose of the trust. To help emphasize this, your TrusteeServicesUSA.com LLC’s Trust has a large watermark built into each page “DO NOT RECORD”.
Should I Put My Primary Residence, My Home, In A TrusteeServicesUSA.com LLC Trust Too?
YES. But in this case, the beneficiary will most likely be YOU, and NOT your LLC. Talk to your accountant or tax advisor about the pro’s and cons of using this strategy.
What Is A Beneficiary and Who Should The Beneficiary Be in My TrusteeServicesUSA.com LLC Trusts?
The beneficiary is the “true owner” of the trust. So, the beneficiary should be an LLC if the property is not your primary residence. Remember, for tax purposes, the beneficiary will be treated as the owner.
Does The TrusteeServicesUSA.com LLC Trust Work With A Multi-Member LLC?
YES. But a multi-member LLC requires a federal tax return, and a single-member LLC treated as a “disregarded entity” does NOT require an extra federal tax return. So, if you have a partner, you can each set up a single-member LLC, and have the LLCs BOTH be beneficiaries of the trust. That way, each of you get liability protection, but you do NOT have the added burden and cost of filing an extra federal tax return.
Does My TrusteeServicesUSA.com LLC Trust Ever Expire?
Not unless you want it to.
Can I Transfer or Sell My Beneficial Interest In My TrusteeServicesUSA.com LLC Trust?
YES. You can sell your beneficial interest in your TrusteeServicesUSA.com LLC’s trust. Once your TrusteeServicesUSA.com trust has been created for you, you will have access to download all of the forms to sell or transfer the beneficial interest.
What Name Should I Use For My TrusteeServicesUSA.com LLC Trust?
VERY important question. So many investors are using “land trusts” now and they are naming their land trusts “The 123 Ash Street Land Trust.” The “Cat Is out of the Bag” in today’s market and sharp attorneys and investors are beginning to realize THIS IS OWNED BY AN INVESTOR! Therefore, we advise against using the street address as the name of the trust. Upon becoming an active member, you will get a link to download “How Do I Select A Name For My Trust?” It is a very simple guide of do’s and don’ts in today’s market. (Please use this guide first BEFORE you complete your online form to create your TrusteeServicesUSA.com LLC trust.
VEHICLES, Cars, Trucks, Motorcycles, Boats, RVs, Airplanes, and SUVs.
Why Would I Want A TrusteeServicesUSA.com Trust for My Vehicle(s)?
Great Question! You will latch on to one of these reasons below:
- How many times have you allowed another person to drive any of your vehicles? If they crash or injure someone, guess who is going to get sued? yup, the driver and the OWNER!
- What about yourself? You could have your best ever asset protection program with LLCs, etc, but if you crash or injure someone while driving your own vehicle owned by you or your company…. the Driver (you) and the Owner (you) will get sued. Just imagine if “they win the lawsuit” and it exceeds the coverage of your insurance company…. now they get access to everything you have your fingers in, your llcs, trusts, etc. This is what Harry calls the “Back Door Attack.”
- What about your kids? Having a background in law enforcement, Mike had the opportunity to see a lot of real world situations.
- imagine your child getting their permit and you getting them their “starter car.” Do you really want them driving around in a car owned by you personally? WOW!
- Do you want to put their “starter car” in their name? Here comes Mike’s police background experience. Unfortunately, in our society, very good and properly raised girls, just like yours and mine, are somehow attracted to the “Bad Boys” in society. Mike has seen this happen many times. Great parents put the car in their daughter’s name to reduce their risk by keeping their name off the registration. Then, with some time, unknown to the parents, their beautiful pretty little angel daughter hooks up with a “DIRT BAG” by your standards. Now it is time to drop the bomb. Your precious daughter, who is madly in love with this DIRT BAG is convinced to go to a pawn shop or a QuickCash Shop and get a loan of the car in your daughter’s name. Then your daughter gives the money to the DIRT BAG because he needs it to save the world. Do Not Allow Yourself to Say “Not My Daughter,” it happens in every level of society.
What about your employees driving vehicles or trucks owned by your company? You can stop that liability in short order.
Can I Use TrusteeServicesUSA.com LLC’s Trust When Buying A Vehicle?
YES, YES, and YES… but only for cash purchases. If you must get a loan to help with the purchase, everything reverts right back to “He Who Has The Cash Makes The Rules”
- What If I Already Own My Vehicle(s) in My Name or My Company Name Now, How Do I Get Them Into the TrusteeServicesUSA.com LLC’s Trust?
First, your vehicles must be paid for with no liens. Then it is a simple 3 step process to get it done.
- What About Insurance On My Vehicle(s) in The TrusteeServicesUSA.com LLC Trust?
you will get a “Cheat Sheet” or guide to help your insurance agent if they need it.
- What Happens When I Sell My Vehicle(s) in My TrusteeServicesUSA.com LLC Trust(s)?
TrusteeServicesUSA.com LLC as Trustee will sign off on the backside of your title. Other than that, it is no different than any other vehicle sale. (auctions excluded)
THE FINE PRINT
What Are The Hidden Fees?
there are no hidden fees
- What Is The Catch? How Can You Offer This Service So Cheap?
If you have a few moments, read the “How TrusteeServicesUSA.com LLC” was born. You can find it on the “About Us” page. Harry and Mike have a true passion for mentoring, training, and showing investors how to avoid the “School of Hard Knocks” in the real world of real estate investing along with small businesses.
Long story short, this company was created from good old-fashion supply and demand. After having trained thousands of investors and business owners all over America and several foreign countries, we both were repeatedly beat up by these folks to please create a company to do this for them because so many of their “experts” in their hometown could not “get it.”
In keeping the fees for this company as low as possible with a little room for revenue share (REIA groups, business groups, etc.), our additional services, training, and mentoring will be offered to you at TSU member prices, and yes, we do intend to make a small profit on these. For more Details go to the “Recommended Resources” page.
- Are There Any “Upsells”?
Absolutely! This is good old USA! For example, Asset Protections Systems, Entity Structuring, Home Training Systems for Investors, How To Jump Start Your ROTH IRA to Get Tax Free Profit and Income for Life, Mentoring, One on One Coaching, Membership websites, extra Silent Money Makers, 1031 Tax Deferred Exchanges, and much, much more. Check out the Testimonials from the many super satisfied customers of both Harry Borders and Mike Butler. Also, make sure you check out their bio’s on the “About Us”page
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