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Updated over 1 year ago,
Protecting assets with Land Trusts in Local LLC /Wyoming LLC
Ok, been doing my homework ... I am not a lawyer. If someone sees any problems with this, let me know.
Let's see if this makes sense. I'm looking for the ultimate in external and internal protection of my assets in AZ with the least hassle and total anonymity.
AZ does not offer Series LLC's yet or that might have been an option as well.
Unfortunately, AZ releases the owner and address of LLC's to anyone that asks. (Not good if someone sues me personally.) Since I own the AZ LLC, it is listed on my assets, and anyone suing me can find out the resources of the LLC and attempt to access those resources in a lawsuit. That is, unless my AZ LLC is "owned / managed" by another LLC in a state that does not release that information. Wyoming, Delaware ... Thus I need (2) LLC's for external property protection. One to do business in AZ and another for anonymity and asset protection. Am I making sense so far?
1.) To keep my name off all assets, and yet offer ease of movement into and out of the LLC's for selling assets, I set up a trust to purchase each individual property (And another for every other thing my wife and I own, cars, clothes, Jewelry, guns, cats ...) All Assets of value go into a "Grantor Trust" w/ all individual properties in their own trust. With the trustee being my local AZ LLC.
a.) The individual trusts isolate liability from the "other" trusts, if I am not mistaken, so each properties internal liabilities (Example law suits not covered by insurance) are limited to that individual property.
b.) Plus they are easy to move into and out of my AZ LLC (Which I need to be able to do business in AZ.) to put back into personal name for easier sales of properties. The Trust is listed as owner of each property.
b.) Liability for each property is limited to that particular trust. If I am correct.
c.) Bankers are used to letting trusts own property for lien purposes. LLC's, not so much.
Does this make sense? Am I overthinking things ... again? All of the forms to create these things are available online. LLC's are legally considered persons and can possess things like trusts.
I would need a bank account for each LLC and a person to act as local trustee in the Wyoming, where I am thinking about having the out of state LLC.
Questions, problems, legal issues ...? Anyone who has done something similar?