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Tommy
Consultant
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Multiple LLCs as Trustees and Benefs
Monday, August 17 2009 09:32 AM
I would like to bounce a scenario off of you to get your opinion based on the information contained in reason #22 of the 37 Reasons ebook: Ease of operating across state lines.
My client resides in NC and has a mortgage on his personal home there. He also owns a NC LLC. In Ohio, he owns an OH LLC, and a home from his late father's estate. In Virginia, he owns a VA LLC, and a home there with a mortgage.
Here's my idea: Virginia type land trusts are formed for the three real properties and are structured as follows.......
Ohio Property ---------- Trustee is OH LLC, Beneficiary is NC LLC.
Virginia Property------- Trustee is VA LLC, Beneficiary is OH LLC.
N. Carolina Property-- Trustee is NC LLC, Beneficiary is VA LLC.
Thanks for your input on this, pros and cons.
Tommy
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