Various documents that can be used along with personal protection trust
Are you planning to prepare a Personal protection Trust Agreement? Then, you can either hire a professional attorney or download the templates from the internet to prepare the agreement by yourself instead of forking out money on the attorney to prepare this agreement. This personal protection trust agreement is alike to that of a land trust where the trustee acts as a nominee. Similar to the land trust, this PP trust is also revocable. Also, the tax rules for both land trust and PP trust are alike. You do not need to pay any kind of income tax or fiduciary tax, if you are running this trust. Basically, the main purpose of preparing this agreement is to keep your name anonymous in the public records alike to that of a land trust. However, here are a few documents that can be used with the personal protection trust
Purchase option: Generally, the name of the property holder who has purchased the property will be recorded in the public records under purchase option. However, in order to keep yourself incognito, you can put the trust name in the purchase option. In fact, this is considered to be a wonderful way to bemuse the creditors. All the purchase papers will be on the trust name instead of your name. To the people, your property looks invaluable and they would not evince interest in purchasing it, since this property is in recorded options.
Deed of trust: The best thing to open a trust is to hold a mortgage or a deed. Ideally, mortgage is a property that is shown in the public records. So, by opening a new trust for each mortgage you can stay anonymous and maintain a low profile. Moreover, you can register your property under the trust name to show your property as encumbered.