Discussion Forum

Tommy
Consultant

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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