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Updated over 1 year ago on . Most recent reply
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Seeking recommendations; Assest Protection Structure (WY trust/llc?)
Hello fam
Seeking a list of fair valued and reputable companies which can establish trust and llc formations in the state of WY. If anyone can recommend a few companies would be greatly appreciated. I was going to move forward with Anderson Business Advisors however they want 20k for my set up and thought there may be some cheaper options out there.
I understand every situation is unique but here is mine. I own 20 properties free and clear in CA, All owned in personal name, All rentals, I also manage and do all repair/renovation work.
Seeking to develop a plan for inside and outside protection. Based on all the research I have compiled this is what I have come up with. I have always been hesitant to make the wrong move and waste money then find myself spending additional monies cleaning up messes made from previous mistakes. It has happen with my CPA previously and dont wish to run into same mistakes again
Goals/Structure
1) First layer- Wyoming Statutory Trust (anonymity) for each property or bundle a few in each. I believe this would get filed in WY and CA (pass-thru entities for tax purposes)
2) Second layer- Holding company LLC- This llc will hold all Individual Trust above (pass-thru entity for tax purposes)
3) Third layer- Wyoming Statutory trust- To receive all remaining income and file single K1
4) Fourth Layer- Wyoming Family Trust- Final destination of monies
SInce I manage all properties as well as provide all the repairs i believe i would also set up a property management company llc doing business in CA with additional C-corp ownership. C-corp would only make enough money to zero out on taxes yet utilize tax saving strategies.
Love to hear everyone thoughts as well as suggestions for reputable cost affordable options in WY