Quote from @Jaron Walling:
@Robert D. You should seek out and speak with a financial planner/estate attorney. Anything you own currently is not hers until you get married. When I got married I owned two properties (whoop whoop). My wife nothing but student loans and car debt. Together we bought a BRRRR deal, completed it, and got married soon after. It was a big test. Really established our finances and money goals. Money is the #1 killer of marriages. We have been married for 5 years and have since established a living trust and put all our assets into the trust. Any LLC we start in the future will be held in the trust. If nobody can see what's in a trust nobody will sue you.
You have three paid for properties. Leverage some equity and get into a deal with your finance. Get her interested in REI. That's what I was looking for when I got married because we're playing the long game! With our marriage and investing goals.
Worry more about your choice for a life partner and less about community property.
"The franchise fees here would be $800 per LLC per year" - Don't sweat it. Put them all under the same LLC. Get an umbrella policy for the LLC if you don't think you have enough insurance on the rentals. That's what we did.
Cheers.
Thank you for your response! I didnt mention I already have a trust and yes the plan was either to put those in the trust. BTW Im in california. I have read and also been told that a trust can be sued. I realize alot of investors have absolutely no asset protection ie LLCs for their properties and have been told by a couple of attorneys that im over thinking and perhaps paranoid of being sued, california as well as the entire US is known for excessive litigation. Of course they told me the choice is mine.
If you dont know california charges $800 per LLC per year.
So it was either put them in the trust or LLC them each into their own LLC and having the trust be the owner, ie hold the beneficial interest.
As well since ill be getting married im somewhat concerned she could possibly cause a liability. Where i just needed to worry about just me doing something negligent or what have you, now i will have two to keep in mind. Similar to having kids that could do something stupid and have that come back on me. Correct me if im wrong.
I was considering using anderson business advisors to set things up for me, meaning LLCs etc to play smoke and mirrors to a tune of $15k and thought that was insane to pay. I consulted with an attorney here in cali that specializes in setting up LLCs. He says if i used anderson with their out of state LLCs etc would work i would just have to cough up 15k. Whereas setting one up in cali is just $2400 per year and hassle free.
So here I am needing to do something, and do it soon. Advice please! Sorry so long winded!
