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Updated almost 5 years ago, 01/23/2020
Need help with Asset protection
Need advise on how to set up best and practical asset protection.
I Live in CA. Have multiple single family Properties in various states.
Ca lawyer says single member LLC are not really a protection in CA.
Need to form multi member LLC.
Which means separate tax return for each LLC.
Obviously that’s too expensive when I have 7 llc’s.
Corporate direct says that nonsense. multiple single member LLC with a parent LLC in Wyoming is the way to go.
The ca attorney says irrevocable trust is the way to go.
But it’s expensive, attaining loans will be difficult and tax returns will be complex.
Anyone else in the same situation? How did you mitigate around ?
Thanks