Asset Protection. I am so confused.

[Kevin Parekh]

I own 10 SFH and 20 parcels of land. I am a dentist and make a good chunk from that business yearly. I want to protect my assets and have spoken to a local lawyer, Prime Corporate Services, Anderson and NCH. A local asset protection attorney just wanted me to place all my assets in a FL LLC for $5000. Cost range from $5,000 to $10,000. When I spoke to these companies, I felt very confused and wondered if I was getting oversold... or just so naive at this that I am being cheap. What are your thoughts?

PCS offered the following idea: Revocable Living Trust for ($2995) which owns a WY LLC ($400) which owns about 3 FL LLCs ($1500). Total cost is around $5,000.

NCH offered the following idea: Revocable Living Trust which owns a WY LLC for Property Management (S Election), another WY LLC for stock trading, and another WY LLC Disregarded (that holds the assets). The latter LLC will own all 10 of the income producing SFH. Then they advised I put the income producing SFH in their own Revocable Land Trust. All this would cost about $10,000. The other 20 vacant parcels would be owned by the Revocable Living Trust. I personally feel like this is way too complicated, but on the upside, I can use one bank account for all the rentals, which would make my life so much easier.

I would really like to hear your thoughts and opinions.

[Michael Plaks]

Quote from @Kevin Parekh:

I would really like to hear your thoughts and opinions.

You don't want our thoughts and opinions. We all have opinions, and none of us are qualified to share them because asset protection is a legal issue, and we are not attorneys.

Same as asking for our thoughts and opinions on Covid or foreign policy or history. There's no shortage of opinions. There's a severe shortage of actual knowledge though.

What you already found talking to qualified people, aka attorneys, is that there is zero consensus on asset protection between them, either. If you get one lawyer's opinion and then get a second opinion, it will contradict the first one. And the opinion of a third lawyer will contradict both the first and the second one.

Solution: find ONE lawyer who you like and trust (trusting an attorney is a stretch, I know) - and subscribe to that attorney's religion on asset protection. Do what that attorney says and don't listen to other attorneys.

And certainly do NOT listen to all of us here on public forums playing attorneys online.