Using LLC is great for tax-related matters but if you are talking about the best protection for real estate properties then there is no better entity than using trusts.
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When I get a lease option terms, deal with a seller. I can’t buy it in a land trust. I think that should be, can I buy it in a land trust? And so do I have to have an LLC? And do you use LLCs for any reason?
There’s not a lot of reason to use an LLC unless there’s tax reasons, because you’re already getting some pretty significant liability protection using the trust. Some people, if they already have an LLC, they’ll make the LLC the beneficiary of the trust, and that keeps all your eggs out of one basket, so to speak because sometimes when people are using LLC’s are putting all their eggs in one basket, one sue a bull basket. So if anybody sues that LLC, everything that’s in that LLC is subject to any kind of judgment. So my suggestion is, in the best place to be is using the trusts. Each property can be bought in its own trust. And then you can use your LLC as the beneficiary of all those trusts. That’s one way to do it, but if you haven’t yet established an LLC, it’s a really good question about whether you actually need one. And for me, there’s only business reasons. For example, Street Smart systems, LLC is an LLC and that has a different business purpose than the other things that we do. But the individual properties and individual trust is a very smart way to set up your business. We’ve, it’s stood the test of time having done it now since 1984, we’ve definitely seen that. There’s some great benefits to using trusts versus other entities.