Question About LLC
This is not a REI question but figured someone on here may be able to point me in the right direction.
I currently receive monthly royalty checks for natural gas wells I have inherited. The monthy revenue varies but now is paying roughly $2500 a month. I was wondering if there would be any tax benfits to setting up an LLC to channel the royalties through. I also plan to buy my first home in the next year and then start getting involved with REI. What would you experts do in my situation??
Quote:What would you experts do in my situation??Consult an attorney, a tax advisor, and an estate planner.
I doubt your tax advisor will see any tax advantages to putting your assets into a LLC, though he may have some thoughts on another form of entity. Your attorney may give you some ideas on asset protection, and your estate planner will help you structure your personal estate to minimize federal estate taxes and probate.