Property in Longboat Key, structure is messy. Need advice

[Allon Isaacman]

Hi Everyone

My father owns a single family home in Longboat Key, Florida which he rents out.

When he initially purchased the property he put the property in an LLC with him being the sole shareholder.

He then decided to convert the company to a C Corp with him still being the sole shareholder.

Obviously this is not a great structure for both taxes and asset protection.

It was bought in 2003 and has recently been extensively renovated including bring the roof and windows up to code for insurance purposes. There is a substantial unrealized gain.

How could this be restructured for both tax efficiency as well as asset protection?

[Chris Seveney]

Corporation will provide asset protection. You will need a cpa to understand the entire situation but it may be best not to remove it from the corporation if the value has increased significantly.