Tax, SDIRAs & Cost Segregation

User Stats

132
Posts
25
Votes
Rik Patel
  • Real Estate Agent
  • Miami, FL
25
Votes |
132
Posts

Asset Protection - LLC or no LLC?

Rik Patel
  • Real Estate Agent
  • Miami, FL
Posted Aug 8 2019, 09:17

Hi all! 

I live in Florida, however, just closed on a duplex in Ohio. The duplex right now is under my personal name. I want to transfer it to an LLC but it will trigger the due-on-sale clause. I'm reading that we can setup a land trust that holds the property and have an LLC as the beneficiary to still reap the benefits of an LLC and to avoid the due-on-sale clause.

1) Are there any other ways you suggest to protect this property?

2) Also, if I were to open an LLC. Is that something I file paperwork for in Florida or in Ohio?

Loading replies...