Seeking advice feel like I am being over sold by CPA/ tax advisors

[Phyo Ko]

Hello everyone, 

I am in the market for a new CPA to help me with setting up business structure and prepare for my tax return next year. I have talk to a couple of different companies but all of them left me feeling over sold and not in good hands. I am hoping to get a unbiased opinion to see if I am just being overly cautious.  

I am currently in military stationed in CA and will be moving to FL end of the year. I have a duplex that's rented out right now and a SFH that I plan to start renting out Jan24. I plan to get my real estate license in FL while I get into fixing and flipping in fl. I want to set a good structure in place for my properties in CA and what I plan to do in FL. Also I want to set up LLC for my wife who has a side business that picking up a lot of traction.

The CPA I have talked to have recommended different approaches on how I should set everything up. One has me putting the CA properties into a LLC with a WY holding LLC owned by a Living Trust then a separate LLC holding company for me and my wife business. Another one has me placing my CA properties into statutory trust-LLC-Land-Wy holding LLC- Living trust and me and my wife separate LLC with a LLC holding company taxes a C corp. I am lost with all the different holding company and trust do I really need all of this complexity? Do I really need a Wyoming LLC, statutory trust and etc? Can I just by with a LLC for my two rental and two llc for myself and my wife? I am still taking my first step I feel like this is over kill. Thank in advance for any advice.

[Michael Plaks]

Quote from @Phyo Ko:

The CPA I have talked to have recommended different approaches on how I should set everything up. 

From what you describe, you talked not to CPAs but to certain national companies that employ both attorneys and CPAs and market their complex business setups and coaching programs. Couple thoughts on that.

- The opinions on the value of these setups vary greatly. Many people believe it to be an overkill. Especially for very small number of properties.

- CPAs or tax accountants or tax advisors or tax strategists (all these labels really mean the same) help you with taxes. LLCs and trusts do absolutely nothing for your taxes. They are purely for legal protection, and legal protection is what attorneys do, not CPAs. In my opinion, CPAs should never suggest, much less create, LLCs for their clients. In fact, in many states it would be illegal for them to do so.