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Trust and/or LLC 
2 posts by 2 users
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Hi All. I just have a quick question. We've managed to purchase a couple of rental properties and currently carry what we feel is sufficient insurance on these properties. we are also in process of creating a trust so that should anything happen to either of us (Wife and I), we won't have to worry about where the houses will go. with that said, Do we necessarily need to create and LLC first to transfer the properties into before finally transfering ownership of the LLC to a trust? Thanks for all you'all help! |
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Edited: 06/26/2010 at 01:25PM |
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Check with your lawyer, but my thinking is that the properties go into the LLC and the trust becomes the owner of the LLC. The idea of the LLC is to shield you from the liability of the properties. If the property is owned by the trust, then the trust could be liable for any claims resulting from a lawsuit against the owner of the properties. That would expose all trust assets to the claim. Again, I’m not an attorney so check with yours. |
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Edited: 06/26/2010 at 01:25PM |
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Posted: 11/18/2008 at 05:17PM
