"Out there" business structure idea. What do you

[Amy Vasquez]

I ran across an idea that might work. Its a little complicated and involves a lot of paperwork/time and might not be worth it from that standpoint alone. I'm still trying to figure it out a bit myself but here goes

1. Put each property in a Land Trust with your attorney as the trustee(so they can use atty/client privelege to not give out the info of who actually owns the trust. This hides your assets

2. Make each trust owned by a limited partnership. You are the limited partner so you can still get payouts and the general partner (who is liable for everything) is your LLC (see below)

3. Have a main LLC (one for each property? or one for each TYPE of property.... rentals, flippers ? not sure on that part) This LLC would be the general partner in the above limited partnerships. The LLCs ownership of the partnership would be 1%

Supposedly this
A. Hides your assets (with the LT)
B. Uses the partnership as a "go through"
C. Makes the LLC own only 1% of the partnership (and profits) so theres not much to go after. Then because you are in control of the LLC you control the payouts. The LLC also separates you from your assets.

May be more paperwork than its worth but....