Seeking assistance with setting up Illinois Land Trusts, Illinois LLC, Wyoming LLC

[Ryan Kline]

Hello!

I'm in the process of setting up a business structure for my real estate investments and would greatly appreciate any assistance or referrals from those with experience in this area.

A Bit About Me

Over the past five years, I’ve acquired a few duplexes in Illinois, all currently held under my personal name. I manage each property personally, which has provided me valuable experience but also highlighted the need for a more formal structure as I plan to expand my portfolio.

My Plan

I'm looking to establish a Wyoming Holding LLC that will be taxed as a partnership. This entity will hold ownership interests in any real estate-owning entities I create. The goal is to accumulate investment properties over time—either fractionally or entirely—bringing them all together under this LLC.

Additionally, for each existing and future Illinois investment property, I intend to:

- Deed each property into separate Land Trusts.
- Establish an Illinois LLC that will be taxed and will own the interests in the Land Trusts for my Illinois properties.
- Set up a new management entity taxed as a C corporation, which can be fully owned by my revocable living trust. This management corporation will handle rental income from the Land Trusts.

Ultimately, I plan to assign ownership of both the Wyoming LLC and the management entity to my revocable living trust estate plan.

I'm looking for recommendations on:

- Experienced attorneys or firms that specialize in forming LLCs and trusts in Wyoming and Illinois.
- Insights on the best practices for structuring these entities for optimal asset protection and tax efficiency.
- Any potential pitfalls to watch out for during this process.

If anyone has navigated a similar setup or has referrals to professionals who can help, I would be extremely grateful for your input!

Thank you in advance for your assistance!

Best,
Ryan