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What is a Florida Land Trust and how does it work?
A Florida land trust is a private agreement among several people to operate, manage, and hold legal title to Florida real property. Florida land trusts operate under section 689.071 of Florida law, also known as the Florida Land Trust Statute or the Florida Land Trust Act.
What is the Florida Community Land Trust Institute?
Below highlights the work of the Florida Community Land Trust Institute (Florida CLT Institute), a program of the Florida Housing Coalition, to promote permanent affordability throughout our state. Not sure what a community land trust is? Click below to read our FAQs.
Are trust beneficiaries revealed in Florida property records?
However, public records only show the trustee and trust as the property owner —trust beneficiaries are not disclosed. The primary benefit of a land trust in Florida is to provide confidentiality over your ownership of real estate. The county public records will show only the name of the trustee of the land trust–not the name of the beneficiary.
Do land trusts differ from state to state?
Each state has its own separate laws to govern its land trusts, meaning that land trusts differ from state to state. In essence, what might be binding in one state would have no effect in another state. In fact, Florida is the only state in the United States that has passed specific legislation for land trusts.
A Florida Land Trust is an effective vehicle to hold legal title to Florida real estate for both foreign nationals and U.S. citizens.
What are the Florida irrevocable trust laws for spendthrift protection?
Florida irrevocable trust laws include two exceptions to the spendthrift protection. First, the law prohibits a trustee from withholding a distribution otherwise due to be paid to a beneficiary solely to protect the distribution from the beneficiary’s creditors. Overdue mandatory distributions can be garnished from a spendthrift trust.
Can a trust be modified under common law in Florida?
Common law trust modification under Preston v. City National Bank is neither abrogated nor controlled by the requisite findings contained in section 736.04113 of the Florida Trust Code. “Judicial modifications at common law are different from – and have so far survived – judicial modifications under chapter 736.”
What happens to trust assets after death in Florida?
If the trust assets remain in trust after your death, the interests of the beneficiaries may be protected from their creditors by a “spendthrift” provision in the trust agreement. Florida law provides special protection for many types of assets, including assets owned by a husband and wife as “tenants by the entirety.”