Transferring Ownership to a Legal Entity Post Purchase

[Robert Hursey]

Yes, I know I need to speak to an attorney and an accountant. I am just looking for some guidance. This property just came our way and we are trying to take action.

My brother and I are about to put an offer on a property and my broker asked if we want to put it in my name, both names, or in an LLC. We plan on forming an LLC, FLP, or C-Corp after the purchase, but did not think about WHO we want to make the purchase. Will doing this after the fact come back to bite us in the butt? The plan right now is I get the loan in my name and he is a money partner. We have not even decided if we are going to go the route of a legal partnership. We may do a FLP, LLC, or a C-Corp. In IL, legal entities are more expensive to set up and renew than many other states and we want to make sure we are doing this right to not have the property traceable to either of our names. We will also be transferring the property to an IL Land Trust and have ample insurance as well.