Updated over 9 years ago on . Most recent reply
Land Trusts and LLCs for Asset Protection
I recently listened to BP Podcast 109 regarding asset protection. I think it is brilliant and Scott makes a perfect argument for why you should be structuring your properties for anonymity as well as why an umbrella policy isn't the "cure all". I am still a little confused about some of the advanced structuring. Hopefully @Scott Smith can jump in here and save the day (or another who is intimately familiar with asset protection).
I tried to set up the structure flow on paper to wrap my head around what owns what and which thing's name is where. I think I have it, but I'd like to get a little clarity. Please see my poorly done image. I didn't expand the fix & flip area because I'm not in that industry at this point.
1. Is the LLC the Beneficiary in the land trust?
2. Am I the Trustee in the land trust?
3. I live in Colorado where we do not have Series LLC and I don't know anything about trusts. Can I still do this in Colorado? Or is it recommended to go out of state for this (I hear Texas is nice)?
Kind regards,
Bryan