We have a rental property and we were told to setup an LLC with Husband and Wife as managers and our Living Trust as members of the LLC, is this another way of doing it? Or is there a better way of doing it?
Also to setup the LLC in NV and register it in CA? Not so sure if this is the way to go.
if the property is located in CA there is no need to set up an LLC in NV and then register it in CA. That is a waste of time. If you make money in CA you will have to pay CA taxes and be subject to the horrendous francise tax regardless if it is a NV or CA Corp/LLC. What you could do is set up a C-corp in NV and use the privacy of Nevada to place a “Friendly Lien” against your CA property. Now if someone sues you and trys to go after any equity in your property, there won’t be any, or at least not on paper!