Non-resident investing for US citizen child

[Ayse Yesilyurt]

Hi,

We are non-resident foreigners who are interested in buying a condo in Michigan for our son who is a US citizen (9). He will most likely live in the US in the future (for college etc.) 

How is the best way to reduce US taxes (especially capital gains and death tax) and eventually transfer the real estate to him? As we may rent it in the mean time, we were suggested to form an LLC.

Any advice or name of a competent attorney/tax person in Michigan would be very much appreciated!

[Michael Ventura]

Good morning Ayse, forming an LLC is the best way to protect your personal assets from any contingency that may occur with your rental / vaca. property. I have a team of people that I work with and have found them to be honest and work very hard for my investments in the Ypsi / Ann Arbor area. Speak to Todd or Therese at Moving the Mitten real estate... they are a good starting point. Tell them Michael Ventura sent you there, that will speed things up for you. Good luck! Michael V