Asset protection with LLC and Land trusts

[Lynne Gregorio]

Hi, I am trying to set up asset protection for my rental properties. My head is spinning trying to figure out who needs to be Trustee, Beneficiary, Grantor, Member, Manager for these trusts.  I am hoping someone here who has done it can help.  I live in NC.

I have contacted a registered agent site to set up a WY LLC. I put myself and my husband as members and me as manager (hope I didn't screw that up).

I have documents to do the land trusts but I am confused on who plays what role:

Is the WY LLC beneficiary for the NC Land trust?

Do I have to find someone to be a temporary Trustee of the land trust and have them resign or can the WY LLC also be the trustee?

I assume that I am the Grantor?

Once you fill out the land trust form, how do I get NC to record it as the new owner?

Are there additional forms or fees that have to be done/paid each year for the land trusts or just the fee for the WY LLC?

I believe I need 1 LLC and 1 Land trust per property if there is sufficient equity in the property, correct? Is $75K enough to put on its own or should it go in with another LLC until it gets higher?

I have heard of the Quit Claim deed, but not sure if that form is used to transfer the title without getting charged for title transfer or enacting the due on sale clause?

Do I do all of this for my primary home too?

Thanks - for anyone who can help!  BTW, I have 8 pieces of property right now (in the works for number 9) including my primary home.

[Aubrey Maldonado]

@Lynne Gregorio, you have great questions and I think an attorney would be the best person to ask. My husband and I set up our LLC as managing members (50/50). I would recommend discussing all your questions with a legal professional. You can usually set up a consultation with an attorney and they can help you sort through what's swimming around in your head and know the legal implications of what you choose. Sorry, I can't be of more help!