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Updated almost 4 years ago,
PLEASE HELP! Trust/LLC, Managing LLC questions
There is so much good info here and elsewhere! So much so that we are drowning in it and now paralyzed, not knowing which way to go.
My partner and I just bought our first property. It's a condotel mostly for our enjoyment, but we want to set it up as the first of many investment properties so we can start off on the right foot. We also want to enjoy anonymity.
WE NEED HELP!
First, let me say that we don't have thousands of dollars to pay an attorney and another several hundred to pay a CPA, just for them to tell us which route to go. We would have no issues bringing their services on board later when things get more complicated and the money is there, but we are just starting out.
We would like to set up the split system where one branch has the managing LLC and one holds properties. This is where I'm stumped.
For the managing LLC - do we make a trust as the sole member or as beneficiary?
For the holding side - using a trust/LLC model - which goes where? Does the trust have a holding LLC as the beneficiary? Who is the trustee? Does the managing LLC act as trustee? How do we then make decisions and sign papers for it? OR does the trust hold the property and is then put as an asset of the LLC? But then who is the member/members of the LLC?
Do we have to form an estate plan to hold all this first? Is that required?
As you can see, all of this is as simple as a conversation with someone, but that someone has to really know their stuff. The forums here are a wealth of knowledge, but we are swamped in the info, and now we are stuck not knowing which way to turn.
Thank you for your help!!!