Are Land Trusts a Smart Idea?
Matt should stay away from land trusts. They won't protect his wealth and assets; they're scams.
QUESTION: Matt asks what to do to protect wealth and assets. Is a land trust a good idea?
ANSWER: Land trusts are a part of get-rich scams - stay away from them. All you have to do to protect your assets is carry liability insurance, homeowner’s insurance, and good car insurance. Then, if you still need to protect your assets, get a good umbrella insurance policy. If you’re investing in a lot of real estate, divide them into a few LLCs as well. If you have a small business that’s growing quickly in revenues and employees, you should incorporate it, too.
Breaking assets into separate entities, carrying good insurance, using common sense, and handling everything above board is generally all the protection you need for your assets.
A land trust is a myth and very few people actually use them.