News
News
Gary D. Buchman and Theresa M. Santoro published in Banker & Tradesman on nominee trusts
Gary D. Buchman, partner, and Theresa M. Santoro, of counsel, were published in Banker & Tradesman on September 28 for their article titled, “Investing in Massachusetts Real Estate? Know About Nominee Trusts.” In this article, they explain how to use nominee trusts as an alternative to LLCs.
From the article:
“Massachusetts nominee trusts have long been used to hold title to real estate. They offer privacy, flexibility in estate planning and a layer of separation between the holder of legal title and the beneficial owner or owners.
A nominee trust is a creature of statute whereby the trustee or trustees holds title to real estate on behalf of one or more beneficial owners. The named trustee appears as owner in the public records, but the underlying schedule of beneficiaries typically aren’t recorded and sets forth the beneficial owners of the property.
Such trusts are common in Massachusetts because they provide a level of anonymity and privacy as to the identity of beneficial owners, simplify management and can facilitate cost-effective property transfers for estate planning and other purposes.”
