I’m new from this forum so all your help are much appreciated to me.
My scenario is that I have a primary property and a rental property, they are both still under my name on title. I also have just setup an LLC for future business with real estate investing. I would like to know should I transfer my properties into LLC first, then create a land trust on each property with LLC as a primary beneficiary member? or should i create a land trust for each first, which my name as a beneficiary?
Also what kind of document do I need? Please help…
Thank you and regards,
if you are the beneficiary of the trust, then you haven’t accomplished anything.
except, maybe making it a little harder to find you in property records.
having an LLC be beneficiary of a trust for investment property seems like overkill to me. better to have just a well-structured LLC own the property. I don’t see where a trust gains you much additional value for the added hassle.
just my 0.02
What did the person who set up your LLC say? He is in the best position to advise you as the LLC should have been set up with these questions in mind. If you used some kind of online service, then find a qualified professional to review the set up and make any changes. You don’t have the experience or knowledge to do it yourself and online services don’t provide the attention to detail to make sure it’s done right.
I agree with Mark. In fact, I think the LLC/land trust combo is a bad move. That is a common technique found in much guru material that boasts asset protection. A creditor can pierce everything if he proves the purpose of your set up is to frustrate creditors (e. g. protection from lawsuits). Unless you have a solid business, non-asset protection for doing what you did, stick to traditional methods that judges understand.