Thank you for the replies.
With the LLC, I've obtained an EIN and plan to get a separate business account for it in order not to comingle funds to avoid "piercing the corporate veil." Also planning to get insurance as well as an umbrella policy.
I guess my new question is: is there a way to maintain the cost basis at the time of my mother-in-law's death to depreciate off of and still have an LLC own the property?
Another strategy I have read about is assigning beneficial interest of the land trust to the LLC. Based on my limited knowledge, my understanding is that my wife and brother-in-law both have beneficial interest in the property. My brother-in-law would gift his interest in the property to my wife (and we would fund him with an agreed upon gift in return) and then my wife would assign her beneficial interest in the land trust to the LLC owned by her as a single member. Since no transaction occurred and she is still the beneficiary and owner of the LLC, would the cost basis be maintained? I clearly will be speaking to a tax advisor about this since my head is already spinning but thoughts? Also, since it would be a single member LLC in my wife's name, I'd end up getting a property management company since I, not being a member, would technically not have any liability protection in this scenario.
Is there a way for the land trust to "gift" the property to the LLC, thereby providing carryover basis?
