Should we form LLC for our Investment / Rental Properties?

[rellim99]

What is the name of your state (only U.S. law)? California

Wife and I have had 3 investment properties that we've been renting out for 5+ years now, just operating as "ourselves". We are considering forming an LLC for added protection now that our family has expanded with kids along with our net worth, etc. And with all of that, we are also in the process of getting our Estate Planning under wraps and putting together a Trust.

Generally, is this recommended? Seems easy enough to do, either DIY on legalzoom or through a firm. Seems like a few hundred bucks, setting up a new bank account or two, some paperwork, etc. but is there anything else be out there preventing us from doing it?

I've never been an expert in deeds and the like, but would we have to get those modified to get them under the protection (or ownership??) of the LLC?

And how does an LLC affect the Trust and similar Estate Planning issues? Should we hold off on the Trust until the LLC is setup?

Stuff like that . .

Thanks!!

 

[tranquility]

Sorry, you'll need to use some experts. First, holding income producing assets in a trust makes things hard. Next, the LLC for protection needs to be planned better.

Pay the money to see the guy(s). You are past a do it yourself stage without a LOT more knowledge.