Considering Irrevocable trust or LLC

[Leon G.]

Hello All,

Background: Two rentals; a duplex and a sfh. No mortgage in neither, personal home also no mortgage. Own also investment accounts, zero debt. All my assets are in my name and have about $2,000,000 in insurance between liability and umbrella.

I want to protect assets from tenants (obviously) but also from future wife if I ever get married. 

My brother lives in Spain (not US citizen but I am) and he can be the trustee as I fully trust on him (my assets are all assigned to him in my will anyway).

I considered LLC for rentals and a prenup if I ever get married but it looks to me an irrevocable trust is better?

Please please please don't just tell me to get advice from a lawyer. I will get advice from a lawyer but now I just want to know if I better hire a lawyer for an irrevocable trust or I pay the initial attorney consultation for an LLC.

Thanks for your help

[Henry Clark]

Quick answer:

Hire an Attorney who specializes in Trusts.  Not a regular attorney. Don't do the LLC yet. The Trust attorney will want all assets and accounts, under the Trust name. Also a bucket trust. Throw the "will" away, because you have enough assets to justify a trust. You don't want your estate to go through Probate because of a "will" and be tied up.

Long Answer:

All bank accounts, safety boxes, etc. Should have POD, payable on death to your brother.  Lawyer will have a long checklist of things that need to be re-named to the Trust.

Assign legal and medical power of attorney to your brother.

Assign End of Life to your brother.

Marriage- prenup definitely.  You can always adjust your Trust.  Also depends on the state.  

Your Trust Attorney will go through all of these.