Posted by Just a guy tryin to help on August 05, 2003 at 13:45:43:
I would recomend reading the book Own Your Own Corporation, by Robert Kiyosaki. He’s the MAN! Also,look at getting your LLC based out of Nevada…they have the best tax laws and protection in this great country! Oh, and also make sure you consult a tax or corporate attorney who is skilled in investing and in the tax laws (of Nevada for instance)Best of luck and God Bless!
TRUST IN LLC? - TRUST IN TRUST? - Posted by Jerry - IL
Posted by Jerry - IL on August 04, 2003 at 13:13:36:
I’m an old guy who lost his retirement and is committed to rebuilding it through accumulating maybe a dozen rental properties in the next four years. I’m not planning to become a huge 100-unit landlord; just enough to live comfortably.
Last week I bought my first keeper and have a contract for my second and I’m scared stiff. I immediately bought landlord insurance. I took the property in the name of a trust, which I set up through a bank’s trust department. Because I’d like to start off right and not have to go back and undo what I’ve done (it might be a little late for that), I’m wondering if I should open an LLC. I’m told that to have it done by an attorney will cost $1,000-$1,500. Some have told me to open a separate LLC for each property and some have said a separate trust for each one and that all the trusts will have the LLC as the beneficiary. I don’t have another soul to make my trustee OR participate in the LLC (if you need another person). Has anyone ever discussed the merits of having a “master trust” that is the beneficiary of all your other trusts, each holding one property?
Of course, I would like to keep it as simple as possible, while maintaining proper anonymity and asset protection.
I understand the need to keep perfect records of money in/out on each property, but the thought of having to open separate checking accounts for every property gives me palpitations. Isn’t there a simple way to responsibly own property, but cover yourself in the context of this sue-happy world?
TRUST IN LLC? - TRUST IN TRUST? - Posted by Bill H
Posted by Bill H on August 08, 2003 at 14:33:12:
Jerry:
You might try contacting LaSalle Bank or one of their subsiduaries…they are big in the trust business there in IL and could probably recommend an attorney or perhaps do it themselves for a nominal fee.
Good Luck,
Bill H
Re: TRUST IN LLC? - TRUST IN TRUST? - Posted by JHyre in Ohio
Posted by JHyre in Ohio on August 06, 2003 at 06:35:36:
You want an LLC (pr perhaps an S-corp, I hear they’re cheaper in IL) to be the owner (“beneficial owner” is the formal term) of the LLC/S-corp. You need a separate checking account for the LLC/S-Corp, not for each property. Using Bill Bronchick’s course(s) sold here to set up entity is much cheaper than a lawyer. And you want an IL entity, you do NOT need a Nevada outfit.
John Hyre