I have an llc set up already to make it the beneficiery or trustee in a land trust.Not sure of which one yet as I’m still reading on it and any recomendations will be great appreciated.
my main question is do I need a new llc for my 2 personal rental properties that I already have? or can I use the same llc? thanks a lot guys!!! 8)
you can use the same one with some qualifications:
I would have a separate one to be beneficiary of the trust my personal residence is inside. just to keep all that risk totally separate. i don’t risk my homestead.
I would not recommend using the same trust. if you want to remove one property, you have to dissolve the entire trust, remove the target property, then re-establish a new trust. no problem; just a pain.
you want the LLC to be beneficiary. you want a private 3rd party trustee. using your atty as trustee invokes atty/client privilege and can keep the name of the beneficiary secret.
having yourself as beneficiary does nothing to help you, as the beneficiary( or beneficial owner) will be assuming liability for what happens at the property. you want that liability wrapped up in an LLC.
do you recomend that scenerio for every property or just your personal one?
what about if that’s best for all of the properties, can you use the same llc as the beneficiary or a different one for each property?