REI Wealth Magazine Featuring Paul Finck | Page 52
No court, except as otherwise provided in this Section,
shall order the satisfaction of a judgment out of any
property held in trust for the judgment debtor if such trust
has, in good faith, been created by, or the fund so held in
trust has proceeded from, a person other than the
judgment debtor.
Where the homestead is held in the name or names of
a Trustee or Trustees of a revocable inter vivos trust
made by the settlors of such trust or trusts who are
husband and wife, and the husband and wife are the
primary beneficiaries of one or both of the trusts so
created, and the deed or deeds conveying to the
homestead to the trustee or trustees of the trust or trusts
specifically state that the interests of the husband and
wife to the homestead property are to be held by
Tenants By The Entirety, the estate created shall be
deemed to be Tenants By The Entirety.
The new law also amends section 12112 of the Code
of Civil Procedure (735 ILCS 5/12112). As amended the
second sentence of that section now reads as follows:
Any real property, or any beneficial interest in a
Land Trust, or any interest in real property held in a
revocable inter vivos trust or revocable inter vivos trusts
crated for estate planning purposes, held in Tenancy By
The Entirety shall not be liable to be sold upon
judgment entered on or after October 1st, 1990 against
only one of the tenants, except if the property was
transferred into tenancy with the sole intent to avoid the
payment of debts existing at the time of the transfer
beyond the transferor’s ability to pay those debts as they
become due.
Remember from my previous articles, it is possible
to form a Land Trust in one state to hold title to
property in another state. This is a very foreign concept
to most attorneys and is confusing to most everyone.
Consequently, holding title in an outofstate Land
Trust is a good asset protection technique.
I encourage you to learn more by going to my FREE
online training at: www.landtrustwebinar.com/411
and text “reasons” to 2062032005 for my free booklet,
“Reasons to Use a Land Trust.” You can also reach me
the old fashion way by calling me at 8666967347 (I
actually answer my own phone unlike most other
businesses in America today).
RANDY HUGHES,
Mr. Land Trust
If you want to
learn more about
the wonderful
world of trusts,
please go to:
www.landtrustsma
desimple.com for
more information.
Or, if you would
like to attend one of my FREE Land Trust Webinars, go
to: www.landtrustwebinar.com/411 Also, feel free to call
me with any questions. I actually answer my phone! 1
8666967347.
"It is possible to form a Land Trust in one state to hold
title to property in another state."
Randy Hughes
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