Wyoming LLC owns CA land trust, lawsuit is in CA, how does Wy LLC protect CA property
Hi everyone, I am contemplating asset protection strategies for my California and Memphis properties and a real estate guru says to hold the California properties in land trusts owned by a Wyoming LLC. This WY LLC would have another WY LLC as the trustee. Also, he suggested a Tennessee Series LLC for the Memphis properties, owned by another WY holding LLC.
I was wondering if you have had experience with this type of arrangement and what you thought. Also, if a tenant sues me in California and my California land trust is owned/protected by a WY holding LLC, I presume that California rules prevail and so how will having a WY LLC protect me? Will California pierce the WY corporate veil?
Any LLCs would have to be single member since I don't have any co-owners.
How would this type of arrangement compare with forming a single member LLC in WY with California property in a land trust whose beneficiary is a WY LLC owned by a family limited partnership whose general partner is a corporation 1% controlled by me and limited partner 99% is me. If the lawsuit were in California or Memphis and those LLCs and/or family limited partnership is in those other states, how will those WY LLCs protect me?
This is so confusing and so I hope you experts can share your advice.
Thanks so much.