Should you put rental properties in separate LLCs and separate trusts?

Rental property and asset protection.
There is a theory out there that for every rental property you own you should have a separate trust AND a separate LLC.
Is that right?
Find out here.
#estateplanning #trusts #realestate #attorneysoftiktok #LLC #assetprotection #landtrust #cmslawfirm

[@robyee3325]

What about irrevocable trust? Does it makes sense to have more than one irrevocable trust?

[@CMSLawFirmLLC]

It definitely can. It just depends on what you're trying to do...

[@MelissaCWilliamskidsinbiz1]

Can someone set up a dba of your sole proprietorship or llc change the address and gain control of the businesses?

[@CMSLawFirmLLC]

No. They could set up a separate account as a dba with the same name... but your name is on your account.

[@ManCaveTalkss]

So make the LLCs the beneficiaries of the trust? Also, would it make sense to open a land trust just for the rental properties and a revokeable living trust for everything else?

[@CMSLawFirmLLC]

Usually you have individuals as beneficiaries of the trust. The LLC is just an asset in the trust that can go to whomever you want. As for land trust/revocable trust... it depends on what you're trying to do. Most of the time we just put the house in the revocable trust as it does the job.

[@XRPgeneration]

Can you also sketch the landscape for trusts and LLSs outside of the US? Let's say offshore?

[@andremckenzie7338]

Question, let's say I have a trust that was created in the United States and also have a property in Jamaica, can I put that international property in the trust that was created in the United States?

[@CMSLawFirmLLC]

I'd advise against it until you talk to a Jamaican attorney. The rules in different countries can be VERY different with BIG tax consequences. The key is to learn what each country's laws are and make decisions from there.

[@BlueNEXUSGaming]

Obvious question: What is the exception you mentioned involving wanting to have multiple revokable living trusts? PS: Remember to update this video with a URL directing people to that video response that you mentioned you would do regarding this topic.

[@CMSLawFirmLLC]

If married and had a lot of separate property that might be a good idea. If you had a business and you wanted it handled a specific way, privately, or with a different trustee, it might be a good idea.

[@BlueNEXUSGaming]

@@CMSLawFirmLLC You're doing amazing work with all these videos, keep up the amazing work!