Living trust/personal residence trust

[Irina Badal]

I heard for anonymity purpose it’s advisable to set up a personal residence trust. Is it the same as land trusts ?

Also, if I don’t have the right person to name as trustee, is there any more economical option other than a corporate trustee ? 

[Chris Seveney]

Quote from @Irina Badal:

I heard for anonymity purpose it’s advisable to set up a personal residence trust. Is it the same as land trusts ?

Also, if I don’t have the right person to name as trustee, is there any more economical option other than a corporate trustee ? 

1. Living trust does nothing for anonymity. It is so when you die you do not have to go through probate.

2. Anonymity is not real. I you take out a loan your name, an actual person must sign it. So your name is out there.

3. Land trusts are good in some states and not in others. @Jay Hinrichs has posted on that in the past.

Many people like to try and hide their identity because of the spotlight effect which refers to how people often overestimate how much others notice (or care about) them, effectively inflating their own importance in society. 

My 2 cents, do not overcomplicate things. A living trust I recommend for estate planning - that is all it does. All the other fancy ways people try and get creative with owning something typically only costs you money and provides zero benefit.