Florida Land Trusts are simple to create and are an excellent planning tool for residents and non residents alike. In fact, I submit they are the best solution for foreign buyers. One reason they are seldom used is that few people are familiar with Florida Land Trusts including Realtors, title companies and ironically many attorneys. Most states do not have a land trust statue. In fact, only Florida and Illinois are the exception. Initially, land trusts limited trustees of a land trust to banks or specifically licensed trust companies. Subsequently, the Florida legislature, expanded this role to individuals, corporations, partnerships and Limited Liability Companies. Furthermore, anyone can be the beneficiary and owner of the land trust.
There are countless reasons to hold property in a land trust. Some of the benefits include but are not limited to: