Asset Protection: Land Trust and LLC Combo
I currently own 6 properties through the BRRRR method in Atlanta, GA. I have read a lot of resources on asset protection that say a LLC is the best way to protect an asset, however I have ran into 2 issues 1) Due on sale clauses and 2) The amount of time and effort it takes to keep each LLC siloed (accounting etc). Therefore I have been looking into the strategy of owning each property in an individual Land Trust and having the beneficiary of the LT be a parent LLC.
I have specific questions on your experiences below:
1) Should I put the the beneficiary ownership of the LT in my name first and then assign my ownership to my parent LLC (Assignment, Trustee Acceptance and LLC Acceptance notarized), or can I put my LLC as the beneficiary as I start the new land trust?
2) Is there any downside of using the same LLC as the trustee and beneficiary of my individual Land Trust?
3) Is title in the name of the LLC or LT? Is the bank account opened under the LLC or LT? Is the tenant lease against the name of the LLC or LT?
4) As I acquire new properties, does my LLC need to be amended to include each LT?
Would love to hear about your experiences and if there is potentially a better / more efficient way to do this, I'm all ears!
Denver