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

[Chris Seveney]

Quote from @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

 My brain hurts just reading this. You are going to be thousands in the whole before you ever start and any cashflow you get from a rental will be eaten up in tax and corporate filings. Are you an heir to the rockefeller fortune that you want anonymity on?  This is overkill on top of overkill.