Should I Create a Trust or LLC?

Question

I'm thinking about creating a trust to place investment properties in. Besides, my personal property, I currently own 1 investment property and working on acquiring a duplex before November. I'm considering creating a trust for 2 reasons:
1. Asset protection (i.e. if someone tries to sue me)
2. Eventually, pass on all my assets to my heir without the probate process
Is a trust the best route to go or should I just create an LLC??

Ashish Acharya · Answer

Please talk to the professionals. You do not need a trust to avoid the probate process. And, there are 100 other ways to achieve asset protection.

You very well might need a trust, but it is expensive and time-consuming so be 100% sure you actually need it.

Marie C. SaintVil · Answer

@ashish acharya Thanks. Would a local attorney be the correct professional to speak with?

Marie C. SaintVil · Answer

@Carl

@Carl Fischerundefined Thank you for your response and understand one size doesn't fit all. I'll dive deeper into both.

Carl Fischer · Answer

@Marie C. Simon

Do you want anonymity or a corporate veil protection? You want to design a asset protection plan that most likely will have both type of entities. Do one or both for the education and modify as you learn and build wealth -one thing for sure is it is not static  it changes with age, health, laws, technology, family situations, etc

Taxation, succession plan, estate plan, insurance etc may all play a role. It is something that is more than can be discussed on a forum like this. Everyone will have different parameters, goals, liabilities, risk tolerance, and asset classes.