land trust

[Robert D.]

I plan to put all my rental properties in land trust. I live in IL. IL recognizes land trust and there are many case law

I plan to include my rental properties on my personal tax return (schedule E). As a beneficiary of trust (I collect rent) I believe I can do that, correct? As far as taxation itself, does anything with respect to taxation change just because ownership of the property was moved to trust?

What happens to the rent money proceeds once personal judgment is entered against me and I am the beneficiary of the trust. I understand the lien cannot be attached to the real property, but rent proceeds being a personal property can be levied upon? Perhaps it would be better to put my wife and myself as a beneficiaries? Would that offer more protection if the personal judgment is entered against me only? She can still get the rent money, correct?

What happens to my properties if the trustee goes out of business. I am not the owner; the trustee is so I believe there is a risk that if trustee goes bankrupt I am losing my properties? Or there is some mechanism to revert the ownership to me in case trustee goes out of business?

As far as the trust agreement itself. Can I use the template that trustee provides or I will be better off to speak to an attorney so that they craft a trust agreement that is tailored to my needs? Last thing I want is hire an attorney who will use Chicago Title and Trust agreement and charges me $500 for “setting up” trust. to set up a trust account and re title property to the trust is pretty straighforward