Should I create one and move all the assets that are currently in my name into it?
well, that depends on what you’re trying to accomplish. If you want to impoverish yourself, you can give them all to me.
I was told that that entity was designed to protect you from law suits… I was not aware of any kind of expense for using it. What entity would you recommend holding rental properties in?
use an LLC; cheap and relatively easy to set up and operate.
an FLP is a very complex entity and is primarily designed to do estate planning, but it does provide some asset protection due to its structure. I have seen figures like $10k+ quoted for an atty to set one up and it has quite a bit of downstream maintenance. It is not a DIY type entity becuase of associated tax complexities.
aww man, I was going to work the “give it all to me” angle!
yep, LLC all the way.
I’ll send you some SuperLotto ticket from Calif.; we’re up to $267M :shocked