I was exploring putting my properties into a Land Trust. However, in speaking with my attorney, he indicated there is no statute around this in Ohio. Does anyone know if these are valid in Ohio? Have they been court tested? Do they offer any better protection than or vs an LLC?
If this doesn’t work, what is the believed best structure for protecting assets…e.g. put your bank account in one LLC, and each property (up to some limit) in their own LLC pools?
Land trusts and LLCs are just tools. If you want real protection, you will need a qualified planner to set up a plan based on your individual situation. He will use many tools not just a single one. You don’t have just one tool in your tool box and you will need several tools to protect your wealth.
What the gurus and so-called experts don’t tell you (because they have never set foot in a courtroom) is that the more convoluted the set up, the more likely it is to fail. If you cannot explain the business reason for what you did (and making it harder for creditors to collect doesn’t count), the judge and jury just assume you are up to no good and will rule against you.