Asset protection question
I have been trying to learn about asset protection and have been talking to Anderson Advisors in NV and another lawyer in ID about setting up a structure for our multifamily complexes here in Utah. Both of them are saying different things about how to set up our structure.
1. Anderson Advisors are trying to sell me a package for around 14K that sets up multiple (6 separate) LLCs in Utah under a Holding LLC in Wyoming that helps give up anonymity. They also are trying to have us set up a C Corp that would serve as the operating company for our vacation rentals so we can use this structure for some of the tax benefits. They also would have us use their tax advisors for an additional cost. The whole structure is quite expensive, and confusing and seems very complicated. Which is why it worries me. If I don't really understand it then how do it know if it really will protect our assets.
2. The other lawyer is recommending that we set up a Limited Liability Limited Partnership to hold our investment properties and business accounts with us as 1% interest (general partner) and our estate trust as 99% interest (limited silent partner). The limited silent partner in this LLLP would be assigned to a Family Estate Trust that would be set up for us. This seems less complicated but again not sure how it really protects our assets in the settings of litigation coming from both inside a property and outside the property.
Would love any advice on what others have done and if they fell either of these structure would be helpful.
Monte Blunk