Another LLC,Land Trust Question
ok I am sure this has ben answered somewhere else, but I can't find the specific answer to my question. I am hoping some one can clarify this for me. Now I understand what the land trust is and what it is supposed to do for me. I also understand (Ithink) the LLC and what it is supposed to do for me. My question is the chain of how things happen. If I have property in my name, then I form the LLC 1st. Then I put the property into a land trust with the LLC asn the trustee and me as the beneficiary. The thought being that the trustee won't reveal the beneficiary to anyone except under court order. Am I right on this? IF that is the case, then who or what holds the title to the property? The land trust? 2nd, do I have to change insurance stuff if I am still the beneficiary? and third, I understand it is better to have the Trustee be from out of state to make it harder to find out who the beneficiary is. Should I form my LLC in another state and what are the consequences for that?
Thanks- If these answers are already in another thread please just point me there.
Joe
[addsig]
You should first contact the trustee that you will be using. They will answer the questions you are asking. That is what they are paid for. You will also want to contact a lawyer familiar with these as there are different trusts you can set up, in turn giving you more questions. Ask about the "A" trust from your attorney, it is more expensive, but better protection overall.
Also the insurance will go into the name on the title, and/or the mortgage company.
As far as your statements are concerned, you are right on the money.
Also when forming your LLC you may want to look at Nevada and Delaware, I prefer Nevada, but others prefer Delaware.
Good Luck,
Kyle
Why Nevada or Delaware LLC?
ok apparently I am confused, you said to contact the trustee that I willbe using. I thought the trustee was supposed to be my LLC? Also if I form my LLC in nevada what are the tax consequences of doing business out of state?
Thanks
Joe
In CA there really is a great advantage to "foreign" corps/llc (other states) youstill hve to pay CAtax on the income made in CA.
It would be interesting to get an attorney or CPA to write and article on this topic as there seems to be a great deal of confusion.
If avoiding a DOS clause is the reason, but banks aren't enforcing DOS does it serve another purpose to justify the cost?