Property Ownership
In Illinois, a land trust is unique because:
AIt allows property to be held only by corporations
BThe beneficiary holds equitable title while the trustee holds legal title, keeping ownership private✓ Correct
CIt is the only way to transfer property in Chicago
DIt eliminates all property taxes for the duration of the trust
Explanation
An Illinois land trust is a form of holding title where a trustee (usually a bank or title company) holds legal title, while the beneficial interest (equitable title) belongs to the named beneficiary. Because the beneficiary's name does not appear in public records, it provides privacy of ownership.
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