All Forum Posts by: Monte Blunk

@Crystal Brooks thanks! 

@Jaiden Olsen thanks! 

@Jeffrey S. Breglio thanks!  I will check out your website and would love to set up a time to meet with you for a consult.  We have a mutual friend in common, Alan Walker.  

@Alina Trigub thanks!   That is kind of what I was worried about.  I like the anonymity aspect of their plan and potential tax benefits but worry that I’m paying a lot of money up front to set things up but getting pushed to the side down the road when issues arise or questions come up. 

Thanks! 

@Mike S.

@Amy Kendall Thanks Amy!  Do you mind sharing the person who was recommended to you to set up your Asset planning.   Hope all is well! 

I have been trying to learn about asset protection and have been talking to Anderson Advisors in NV and another lawyer in ID about setting up a structure for our multifamily complexes here in Utah. Both of them are saying different things about how to set up our structure.

1. Anderson Advisors are trying to sell me a package for around 14K that sets up multiple (6 separate) LLCs in Utah under a Holding LLC in Wyoming that helps give up anonymity. They also are trying to have us set up a C Corp that would serve as the operating company for our vacation rentals so we can use this structure for some of the tax benefits. They also would have us use their tax advisors for an additional cost. The whole structure is quite expensive, and confusing and seems very complicated. Which is why it worries me. If I don't really understand it then how do it know if it really will protect our assets.

2. The other lawyer is recommending that we set up a Limited Liability Limited Partnership to hold our investment properties and business accounts with us as 1% interest (general partner) and our estate trust as 99% interest (limited silent partner). The limited silent partner in this LLLP would be assigned to a Family Estate Trust that would be set up for us. This seems less complicated but again not sure how it really protects our assets in the settings of litigation coming from both inside a property and outside the property.

Would love any advice on what others have done and if they fell either of these structure would be helpful.

Monte Blunk

Edit signat

I have been trying to learn about asset protection and have been talking to Anderson Advisors in NV and another lawyer in ID about setting up a structure for our multifamily complexes here in Utah. Both of them are saying different things about how to set up our structure. 

1. Anderson Advisors are trying to sell me a package for around 14K that sets up multiple (6 separate) LLCs in Utah under a Holding LLC in Wyoming that helps give up anonymity. They also are trying to have us set up a C Corp that would serve as the operating company for our vacation rentals so we can use this structure for some of the tax benefits. They also would have us use their tax advisors for an additional cost. The whole structure is quite expensive, and confusing and seems very complicated. Which is why it worries me. If I don't really understand it then how do it know if it really will protect our assets.

2. The other lawyer is recommending that we set up a Limited Liability Limited Partnership to hold our investment properties and business accounts with us as 1% interest (general partner) and our estate trust as 99% interest (limited silent partner).  The limited silent partner in this LLLP would be assigned to a Family Estate Trust that would be set up for us.   This seems less complicated but again not sure how it really protects our assets in the settings of litigation coming from both inside a property and outside the property.

Would love any advice on what others have done and if they fell either of these structure would be helpful. 

Actually it is almost never a actual physician that is writing these letters.  Physicians are not the issues, all the letters come from mental health therapists, nurse practitioners, family therapists, blah, blah, blah.  Real Physicians see right through this B.S. and would not write a letter and definitely would not have time to set up a online site to have people apply on line.  That is why we asked for a in state, in person letter not the online letter from the family therapist from Nevada (not utah where we are) that she had.   

@Mike Palmer

We had a face to face discussion with the tenants about our concerns. We required them to get letters from instate professionals within 1 month or we will add the additional amount for pets to their rents. Also we discussed that In our rental contract we stipulate any complaints from other tenants or neighbors would incur a fee and after the 3rd complaint the tenant would be evicted. They girls all agreed to help take care of each other’s dogs and are aware they will be evicted if it becomes a problem for the other tenants. We also found a tenant for the downstairs that also has a dog which is not a support animal so hopefully it will all work out. For now we feel good about the discussion with all the tenants and have a Hefty deposit for the units Incase there are damages. This ESA thing is really out of control!

We own 11 units so likely don’t qualify for the exemption.