New CA investor seeking advice - who helps with LLC vs trust?

New CA investor seeking advice - who helps with LLC vs trust?

Van Nuys, CA · Member since 2017 · 2 posts · 0 votes

Hi all,

I have several questions around how to buy my properties and I want to know what sort of lawyer helps with these kinds of questions (assuming it is a lawyer at all). I want to be able to google a specialized professional to help me answer questions like these:

* Should I purchase properties under an LLC? Trust? Irrevoable Trust? Both and place one under the other?
* How do I set things up so that if I pass, my wife, then after that, my relatives inherit these properties?
* How do I get taxed under each setup?
* Can I get the properties under my own name and forgo the LLC, but still get business umbrella insurance that covers 10 properties? If I get an LLC, can I cover multiple properties under an umbrella insurance? 

I'm essentially at a point where I can buy 3-4 $175K properties (credit score is very high, debt is very low, income is very good, lots of downpayment, etc). But I've not made any moves because I keep overthinking about how to approach my first few properties. If anyone knows what type of professional I need to seek, I would greatly appreciate it! Time to stop being passive and finally move things forward! :)

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  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    7y

    These questions should posed to a qualified accountant and real estate attorney that works with real estate investors. You are welcome to pm and I can give some names .

  • Attorney and CPA · San Diego, CA · Member since 2017 · 590 posts · 422 votes
    7y

    @Emmanuoel Haroutunian

    You're looking for a tax/real-estate minded estate planner.

    This article may give you a good head start on several of your questions:

    https://www.mmpph.com/wp-content/uploads/2019/04/M...

    If you need references for CPAs or attorneys in San Diego, I can help you out.  

    *This post does not create an attorney-client or CPA-client relationship.  Readers are advised to seek professional advice.

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