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Updated over 5 years ago,
New CA investor seeking advice - who helps with LLC vs trust?
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! :)