Land Trusts Vs. LLCs
We are on Long Island and are wondering: We have been told to not hold properties personally. Some people say to hold them in Land Trusts. Others say to hold them in NY LLCs backed up by Nevada LLCs (which protects against personal lawsuits unrelated to suits against the property) . We are just beginners in the investing world. We are also concerned about our own personal residence. Anyone have any opinions as to which entity to use to hold properties in, considering liability and tax benefit issues?
Thanks, in advance, for any feedback. 
I spoke to a Lawyer last week. He stated that LLC's are cheap enought to set up that the use of LLC's are better than Land Trusts. I guess that LLC's are better for balancing the taxes. He understood why I wanted to use trusts. He stated that I wouldn't want to pay him to setup each deal in trust. I didn't break his heart by telling him that I wouldn't use a lawyer to setup the trust any how.
Tim