Posted by Anne_ND on June 07, 2006 at 14:37:41:
When I started out in RE I had a mentor who was a crazy woman about privacy. I had trusts, I had LLPs, I had corps, I had LLCs. It was a huge mishmash of entities that cost me way more money in taxes, tax prep, yearly fees and insurance than I had any need to. I did not listen to my attorney when he told me to keep it simple. I should have listened to my attorney.
My advice is that you do not overburden yourself with entites until you have assets to protect. Educate yourself about LLCs and trusts, and be sure to get lots of the right kind of insurance, but find a good attorney and follow their advice as long as it makes sense to you.
I recently attended a seminar by Dyches Boddiford. He made a lot of sense to me- he uses trusts and LLCs but seems to have a handle on when it needs to get complex and when you should keep it simple. Be skeptical of the fearmongers (you know who you are!).