What is the best entity in terms of asset protection and ease of transfer without tax implications to hold vacant land in for an indeterminate amount of years? Right now, our homeowner’s insurance policy covers liability for the land, so I’m also wondering if this coverage will be voided if we transfer the land into this entitiy even if we control the entity. Thanks again.
the LLC should obtain it’s own insurance.
Like Mark said LLC is the best way to go…
When you are ready to sell it… I would prefer finding a buyer who buys the whole LLC shares. The liabilities and everything will go with it… you just get paid on your shares …instead of LLC selling the land to someone.
All legal obligations will go to next principle of LLC …if any. Sell them with AS is…Where is clause.
Ofcousre this will only work if you only have one project in that LLC and you sell the whole project to someone.