LLC or trust?
I am new to real estate and rentals. I bought a duplex last year in July and it's rented out now. I am wanting to know about LLC and trusts. I was wanting to make an LLC, but someone who is a landlord here said to just put the property into a trust because it is cheaper and provides the same protection as an LLC. Then another landlord told me not to bother with LLC or trusts because they only provide a false sense of protection because I can still be sued personally regardless.
I live in KY. Could someone help me understand what the difference is in protection via LLC or trusts? Do I need one, both, neither?
I'm wanting to buy more property and I want to make sure I have this figured out beforehand.
Also, can I file my own paperwork for LLC and/or trusts or do I have to consult with a lawyer? I would prefer to file my own if I can.
I currently do have home insurance for landlords through Allstate.