Land Trust and LLC for management?

Question

I've heard multiple opinions on this matter, so which way do I go?

I believe it was the podcast with Scott Smith (I could be wrong) who suggested naming an LLC the beneficiary of a trust. He was talking about revocable and irrevocable living trusts.

However, I've also heard and read about land trusts used to hold the property, while an LLC serves as the management/office co.

Which way do I go?

To add an extra little twist, I live in PA, am looking to buy RE in Maryland, but am thinking about a Series LLC from Delaware. I don't think I need to begin with a Series LLC though, right?

Help!

Stephanie D. · Answer

@Angela Meraklis-Lyons hi - what was the outcome? I have similar situation and too consulted with Scott Smith.

I would like to put my units in PA in a LLC so I can play the LLC in a revocable trust. Seeking advice on this.

Thanks much!

Angela Meraklis-Lyons · Answer

That's great info. I'll look into the LoneStarLandLaw. Sounds like a TX thing, ha.

So, land trusts and LLCs, until I am up and running and can afford the Series LLC?

Rocky V. · Answer

I'm not sure about your state but here is what I have.  I hold a Series LLC in which I group properties into individual series.  I also utilize Land Trust and name a series as beneficiary.  I have another LLC for management and construction tasks.  I'd read up on LoneStarLandLaw but I'm not sure if it applies to your state.

FYI - if your just getting started Just Do It!!  Don't let all this llc, corp., trust hold you back.  When I first started everything was in my personal name.