Do I need a Wyoming LLC

[Doug Caminita]

Hello -

I own a few properties and am involved in a couple of syndications.

Recently, I spoke with Anderson Tax Advisers regarding my asset protection setup.

They recommended a Wyoming LLC as a holding company and for anonymity.

Then each of my properties/syndications in its own individual LLC or land trust in its respective state and owned by the holding company.

My question... how much of this is necessary?

Does anyone have any attorney recommendations for this type of thing?

Thank you!

[Sean Morrison]

I have set these up many times, but it's worth figuring out whether it is right for you. First, New Mexico offers better anonymity if that's your goal. But remember, anonymity pretty much just means anonymous in a Google search. Your bank, your registered agent, your attorney and CPA, the IRS, will all have your info. And if you were to be sued, the court can simply order that the owners are revealed. 

Wyoming does have some nice asset protection laws. They are muted a bit in out-of-state real estate, because real estate laws are always local, and courts hesitate to recognize other states' LLC features in that context. However, a WY LLC can be useful in protecting different LLCs from each other's liability (Your FL LLC is sued, but it's tougher to also attach your TX LLC).