Buying real estate is one of the largest purchases most people may ever make in their life.
With a purchase that large you need to protect it. Once you’ve purchased your real estate, ARK Attorneys can help you protect not only the property but your privacy as well. You don’t need to be a billionaire to want – or need – to protect your privacy. And when you purchase real estate in Illinois, all the details of the transaction become public record – meaning anyone can gain access to your private details.
If privacy is a priority to you, reach out to ARK Attorneys Chicago, to facilitate the privacy protection process. At ARK we will walk you through land trust arrangements, the benefits of forming a Limited Liability Company (LLC), and how to protect your privacy by using an effective land trust and LLC layering process.
What is a Land Trust :
To start, you’re going to need to know what a land trust is. In real estate, a land trust, or Illinois land trust, is a binding trust agreement between a property owner and a trustee, often to protect privacy and avoid probate.
Under a land trust arrangement, the homebuyer’s identity as the legal owner of the real estate is not disclosed to the public or to a third party. So if details of a property’s sale were to be looked up, the homebuyer would be listed as “Chicago Title Land Trust.”
Land trusts can also be used as an affordable route to estate planning, the beneficiary (homeowner) can name contingent beneficiaries who the property will be passed on to in the event of their passing.
Limited Liability Company
Limited Liability Companies are great when it comes to protecting your personal assets from any downfalls your businesses may have. Real estate can be purchased in Illinois using an LLC – which will add protection to your personal finances – but will offer zero privacy protection. If the details of the property’s sale are looked into, the LLC’s name will show on the deed. This allows the public to easily identify LLC ownership through a simple Google search.
Layering Your Real Estate, Why Land Trust & LLCs Work Hand in Hand
To obtain the utmost privacy and liability protection while purchasing real estate in Illinois, you can list your LLC as the beneficiary of the land trust. Of course In order to do this you must first have an LLC. At ARK Attorneys we have years of experience arranging this privacy layering method for our clients.
Maintaining privacy is not only vital for big businesses, but for every individual. If you have privacy protection needs, asset and liability protection needs, or you want affordable estate planning, ARK Attorneys is here for you. Attorneys Julia Mezher and Imran Khan have years of privacy protection experience within real estate transactions, and can help guide you throughout the process. Contact ARK Attorneys for more information on land trusts and LLCs. 312.753.3142