Trust or LLC

I own a 3 family property. I purchased it in my name. Can anyone tell me if I should tranfer the deed over to an llc or a trust. Please direct me to how I can go about doing this___what are the steps? :stuck_out_tongue:

what are you trying to accomplish?

That is good question. Sorry I left that part out. I want to protect my personel assets from my current investment. It’s like they say, tenants will eventually wind up resenting you. Some slob will get it in his/her head that theyre owed something.

A few years ago I would have said a trust. I’ve learned the hard way the only real way to protect your assets is by using a real asset protection strategy. One that shows money grubbing lawyers that you have no equity for them to loot, and have no visible assets. There are many books on the subject, the best one I have found is by Bill Reed.

A land trust by itself is not an asset protection device per se (shielding, yes…protection, no) and an LLC does not protect you from lawsuits other than from those against the asset or assets of the LLC.

To best protect real property, however, we suggest that the property be vested with a trustee in a co beneficiary land trust with one of the beneficiareis being your LLC. A little like wearing suspenders with you belt; but the end-result is that the co-beneficiary land trust prevents creditor partition and charging orders against the property, and the LLC keeps you from being sued personally relative to matters concerning the property. CXaution must be taken to assure that the trustee entity and the beneficiary entity are not one in the same or owned by the same party.

A creditor first goes for the property but is stopped in his tracks by the co-beneficiary nature of the trust (two or more unrelated parties or one and a remainder agent holding personalty vs. realty), and then he gives up and goes after you personally but is stopped again due to your exposure and liability being limited by the LLC to its only asset…the trust property

Bil Gatten

Hello, this question is for Mr. Gatten. I understand that it is prudent to place an investment property in a land trust with the L.L.C. and yourself becoming co-beneficiaries in the trust. How should the ownership percentages be allocated to avoid taxaton issues or other legal isuues?

For example
The L.L.C. retains a 90% beneficiary interest in the land trust and the owner (investor) retains a 10% beneficiary interest in the land trust or should the percentages be reversed.

Thank you for reviewing my inquiry.

:stuck_out_tongue: You guys are making my hair hurt. It would appear that I need a competent consultant to sit down with to hash this stuff out. Mr Gatten can you recommend anyone that would assists me.

p.s. can or should the co-beneficary be your spouse?