How to Set up Your LLC With a Living Trust

Clint Coons Esq. | Real Estate Asset Protection

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I work with a lot of people who come to us that want to set up limited liability companies, and they have a living trust. They've been told, "everything's supposed to go into my living trust."
And that's true.
However, there's something you should consider when you're setting up an LLC, even though you have an existing living trust. This brings up the question, "should you put your living trust as the initial member on any filings that are submitted to the state?"
Be sure to watch one of my other videos where I talk about the benefits of having a living trust and what it can do for you by avoiding probate.
👉 • Setting Up a Living Tr...
Here is a complete guide on how to set up your LLC with a Living Trust. This is what you need to know to do it right. Check it out!
Here is a sample assignment document for the transfer of an LLC to a living trust
👉www.dropbox.com/s/1rhlw0gqd4h...
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#livingtrust #LLC

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30 июл 2024

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Комментарии : 206

@ClintCoons 7 месяцев назад

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/e4798f

@lynu3619 2 года назад

Thank you for sharing your experience - this is really great knowledge! I might've made a huge problem for my future self if I had not seen this video. 👏

@ebrionez 9 месяцев назад

Thanks for doing all of these videos. Your explanations are easy to follow and help me make sense of it

@ClintCoons 9 месяцев назад

Glad you like them!

@AlonzoLivin 3 года назад

Your answering all my questions in perfect timing. Thank you 4:40

@ClintCoons 3 года назад

So glad!

@GayManBlog Год назад

BRILLIANT! So happy I came across your page

@ClintCoons Год назад

Awesome! Thank you!

@livingto1035 2 года назад

You are helping me create generational wealth. Thank you!

@ClintCoons 2 года назад

Wonderful!

@davidmatthews7288 3 года назад

Love it!! Our kids are studying your videos We are glad to be your clients.

@ClintCoons 3 года назад

Awesome! Thank you!

@somleesong 3 года назад

Great stuff! Thank you for what you do!

@skashan23 Год назад

And you are TOTALLY right! Before I saw your video I was trying to figure out myself how to put my llc in my trust so I made the trust 25% AND LO AND BEHOLD the bank wanted all my trust documents & it had to get approved which took days…such a hassle so for my other LLC’s I will try the assignment. Thank you!

@ClintCoons Год назад

skashan23 Thanks for watching.

@uhohotdog3483 2 года назад

Thanks U have helped me & my kids tremendously 😀

@ClintCoons 2 года назад

Glad to hear that

@loctran7293 2 года назад

Thank you for the video, so helpful! Do you have an example of Assignment template that I can use?

@lamanchamediatube 4 месяца назад

This is great. Have been pulling my hair out on this until now. One other strange thing. You cannot get an EIN online if you create your LLC inside your Living Trust. So one more reason to do it this way! Thank you!

@dasfahrer8187 3 года назад

Devil is always in the details so it's really good to see some of the real-life gotcha's that nobody ever seems to talk about.

@ClintCoons 2 года назад

Excellent point.

@TheWeaversTheWovenOnes 10 месяцев назад

Like the details of how to actually start a living trust. Nobody seems to want to explain that.

@DTSupstateNY 8 месяцев назад

Oh boy not the devil nooooo

@sienalaurel Год назад

What do you do with the Assignment? Keep it in your personal files? Do you need to submit a copy to the SOS?

@mamaafrika87 3 месяца назад

Thank You for the gems!

@kishorenvkb 8 месяцев назад

Thanks Clint. Is there a sample on how the assignment document would look like? Appreciate the help

@ngreat4390 2 года назад

Wow! So valuable!!!

@ClintCoons 2 года назад

Glad it was helpful!

@MusafirsSoul 2 года назад

As ever! Wealth of TRUE info! One question, if assignment is just on paper then where is the need to assign it back on paper in case it needs to be. Can't the assignment document be just ignored and carry on business like nothing changed..

@ClintCoons 2 года назад

Hmm you are starting to understand how this works. Excellent.

@howtovideo553 Год назад

Thank you

@LAKitchen Год назад

Thanks Clint! You offer so much value in these videos but I did not like the "team" lawyer assigned to discuss our case when I made appt. wish it was YOU! :)

@ClintCoons Год назад

Sorry to hear that. Who did you speak with and when?

@AdrianMcMillian 2 года назад

Thanks for sharing this, Clint! Where can I find an example of a California Assignment document (to transfer an LLC into a Living Trust)? Your advice is greatly appreciated!! Thank you!

@ClintCoons 2 года назад

Any assignment will work provided it is consistent with the language of your LLC operating agreement. First, read your LLC and determine what is required to make an assignment, then custom tailor the assignment to comply with the LLC operating agreement. I will put a sample in the show notes.

@AdrianMcMillian 2 года назад

Thank you, Clint! You are the best!! 😊

@lettherebelight6910 Год назад

Hi Clint. Thank you so much for the valuable and informative content you and your team provide! 🙏I recently came across your video regarding the 2021 Corporate Transparency Act. If one is looking for the maximum Anonymity for their real estate Portfolio. Could I do something similar to what you suggested and file an "Assignment agreement" transferring my holding company Wyoming LLC that owns my NY business LLC's - to a Business Trust instead of a living trust ? 🤔I'm simply trying to minimize if possible, and or prevent disclosing private Info to FinCEN, or showing up on the secretory of state website. Thank you so much for what you do, and educating the public 🙃

@ClintCoons Год назад

Unfortunately no. The govt looks through these types of structures to the beneficial owner.

@lettherebelight6910 Год назад

@@ClintCoons Thank you for the reply 🙂

@markrigney4772 2 года назад

Do you have an example of Assignment of interest template that I can use?

@jaethegoddexx Год назад

Nice.

@greatsouthmarketing8897 Год назад

Thank you. My husband is the managing member. If we did this assignment to the living trust, would this make me the managing member when he died? Or is there a better way to transfer “ownership?” Thank you. Great videos.

@ClintCoons Год назад

Yes move it to the living trust and the successor trustee of the trust will be the managing member upon his passing.

@vincentferrera6649 Год назад

Great video. But I'm not clear on why you would want to create a relationship between LLC and RLT. Is it just to avoid probate? Are there other advantages? Are there other ways to avoid probating the LLC? My understanding is that there is no asset protection with RLT.

@ClintCoons Год назад

Correct. The RLT avoids probate. The LLC provides the asset protection.

@liu14177 5 месяцев назад

Clint, really enjoy your videos, thanks! I wonder this this format works well - Have the holding LLCs for rental properties owned by the Living Trust, while creating an Operating LLC outside of the LT to manage all the income/expenses for everything the holding LLCs generate without the hassle with the bank. Wouldn't this way the properties are protected and probate is avoided for the properties. Once a while move the proceeds from the Operating LLC into an account owned by the LT. Would this work?

@ClintCoons 5 месяцев назад

Yes they are. The holding LLC provides anonymity and enhanced asset protection.

@mayank444 Год назад

Hi Clint - in your example you are both the Member and the Manager. Thus making it easy to open bank accounts, loan etc (with the Assignment in your back pocket). But what if the Member and the Manager are not the same. Could the LLC run into delays when applying for bank accounts, loans, etc because they're not the same? Thanks from sunny LA

@ClintCoons Год назад

Not at all. Typically the managers will be on the account.

@LeadsForLocals Год назад

If you name yourself as the manager and member of the LLC when you create it, and then assign your membership to the trust afterwards, would this impact charging order protection at all? Would it make it stronger since you're no longer a member of the LLC?

@ClintCoons Год назад

Not at all. Charging order protections are not based on who holds an interest in the LLC.

@skashan23 Год назад

Hello, on the assignment, what do we put in that last line, is it the name of the LLC?

@chodreman 6 месяцев назад

Hi Clint. Thank you for your valuable videos. Question: What about the LLC Certificates? Do I need to leave the LLC certificate under my personal name as member (similar to the operating agreement) or do I have to void the LLC certificate to create a new one with the Living Trust name?

@ClintCoons 6 месяцев назад

You can leave them as is if you assigned your interest.

@RickMansur 2 года назад

Hi Clint great video I've read that you can obviously put your LLC in your living trust but I've also read that if you do that you lose the asset protection of the llc. In other words they can pierce your living trust. Is that true? Thanks in advance

@ClintCoons 2 года назад

Not true. Interesting take. Do you remember where you read this claim?

@G5Tradez 2 года назад

I’ve heard the same. If your able to change it “revocable” then your creditors are able to though judgement.

@nguye1971 Год назад

Hi Clint.. can we use living trust to own a rental property instead of a land trust? What is the downside? If member interest is assigned to a trust, do we get a full liability protection of an LLC? Thx

@ClintCoons Год назад

The living trust does not offer asset protection. It would be best if you put the rental into an LLC then assigned your LLC to your living trust.

@odedhecht 2 года назад

But after the Assignment you recommend here, what do you report in the mandatory annual-report to the State, where you are asked if there had been any changes in the LLC ownership?

@ClintCoons 2 года назад

The new LLC member will be listed.

@markobrien2264 2 года назад

Nice video. Is the Assignment better than a ToD? (Transfer on Death) Where would I find the assignment form? I have an LLC in both Nevada and AZ.

@ClintCoons 2 года назад

Yes if you have a living trust this would ensure it is funded. You can use TOD for accounts but I prefer to retitle the account in the name of the trust.

@ngreat4390 2 года назад

So when setting up the account, do you mention the LT as a "next of Kin" so that if it has to be transfered, there are no issues?

@karac6983 Год назад

Should the trust be an irrevocable living business trust? Did it have an EIN? How do you legally avoid taxes for the trust from the profits and distributions from the LLC or trust?

@ClintCoons Год назад

The living trust is typically not irrevocable and does not obtain and EIN until the Grantor passes away. The only way to avoid the profits would require the use of an entity that is not subject to tax on its earnings. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@starseed1034 2 года назад

Hi Clint, Who can create the letter of assignment of interest? Can I write it myself? Do I need an attorney for that?

@sethmacomber3497 Год назад

ChatGPT will do it 😊

@edwinolavarria595 2 года назад

Is there a major difference in assigning (statement) the LLC to the LT or just issuing the shares to the trust. Maybe doing both?

@ClintCoons 2 года назад

Best to assign. I take this approach because if you are required to disclose your operating agreement to a bank or title company there will be less confusion. If you living trust is listed as the member the 3rd party will ask to see a copy of the living trust - ugh more delays.

@rinihaque2946 2 года назад

I have single member LLC, I gave my trustee the full power in the trust as me and he will managing it until I pass away and beneficiary will receive it as step up cost basis and I will be traveling until I die so just doing the assignment and doing operating agreement me as manager and member is enough? do I need to record this assignment with secretary of state?

@mcraven747 3 года назад

I’m in Ohio. I want to set up a trust and an LLC with hopes to buy investment properties. Will I need to set up a WY and an OH LLCs then provide assignment to the trust to maintain anonymity and protections from creditors?

@ClintCoons 3 года назад

Correct. The WY LLC provides the anonymity. The assignment is to avoid probate. The assignment is private and no one but you and your trusted family members will know about it.

@RunTheEarthWatchTheSky 11 месяцев назад

So if I already own properties and they are each in their own LLC and I'm finally getting around to creating the Trust, I'm going to leave the LLCs as-is?

@terrycrawford6740 3 года назад

5:00 Does the Assignment Form need to be something formal? And of course, it needs to be notarized, correct?

@ClintCoons 3 года назад

Yes

@rinihaque2946 2 года назад

Question I have a single member LLC that has few rental houses, since this is a single member LLC, IRS considers this is a disregarded entity. I have been filing income tax just like regular individual tax return and everything falls in to my SSN number. My LLC was created only to get asset protection. I want put it in trust so my beneficiary grandchild can enjoy stepped up basis and my daughter can manage those 100% while I am away from the country. So you are saying I just need to create a trust agreement with my daughter sign it by notary then create an operating agreement for that existing LLC with same manager and member which is me then create an assignment just like you said then notarize both documents. my question after doing all those above three do I still need to do a deed transfer to transfer those individual properties which is under the LLC name to the trustee (my daughters name) name and record those individual deeds through county office? Also since those are LLC owning property not not an individual owning, will it still avoid probate and give the beneficiary the stepped up in basis when I die if total market price of the assets below 11.5 million at that time? I I live in texas btw. Pls help

@melaniababakhanloo9889 Год назад

I wanna fund my Trust with my LLC. How and where Can I find that assignment form?

@gregm1733 2 года назад

As a married couple we will be setting up our two LLCs (in two different states) as member-managed SMLLCs disregarded because (as I understand) the only single member of each will be the WY LLC holding co. If we choose to make the WY LLC manager-managed and a SMLLC by immediately declaring one of us as the single member and Trustee of our Living Trust (as opposed to naming the Trust itself) wouldn't that work without having to do the assignment? I or my wife would resign as a co-Trustee of our joint LT to make this happen, and change that later if needed.

@ClintCoons 2 года назад

You will make your trust the member of the LLC as follows: John as trustee for the Doe family trust. the Doe family trust is a joint trust but I transferred the membership interest into the care of just one trustee.

@gregm1733 2 года назад

@@ClintCoons Thank you.

@sachastayswi 4 месяца назад

Hi Clint. If I have a safe assets LLC, should I assign this LLC to the living trust or can I put the trust as beneficiary on say the brokerage account, etc? Thanks for all the info!

@ClintCoons 4 месяца назад

Yes you would put the safe assets LLC in the living trust.

@michaelstein3969 2 года назад

This was pretty clear. I guess the only point I want to confirm is your saying I should remain the owner with the Secretary of State after assigning the llc to the trust? Seems simple enough even though I would prefer to not be listed on Secretary of State.

@ClintCoons 2 года назад

You could list your living trust as the member but you will be listed as the trustee. So essentially you are still listed.

@michaelstein3969 2 года назад

@@ClintCoons your absolutely right. Thanks for your reply!

@jesso2631 7 месяцев назад

my rental propert (used to be my primary ) is in a trust. Should i change it to an LLC? Also, should I open a nee bank account to collect rent?

@ClintCoons 7 месяцев назад

Yes you need to do both.

@NickeyNicholeTheRealtor 2 года назад

I’m learning that having a trust benefits you when it comes to taxes. Is this true? And how?

@ClintCoons 2 года назад

Not so.

@rinihaque2946 2 года назад

@ClintCoons 2 года назад

Rini you have a lot going on here. I suggest you schedule a strategy session with my firm. (See link in show notes). On a high level, if you want your daughter to have control when you are out of the country I would set up a TX series LLC to hold your rental properties. Appoint your daughter as a co-manager of the LLC and your living trust as the sole member. Create a power of attorney nominating your daughter as attorney in fact and appoint her as the successor trustee of your living trust.

@gnawshus007 9 месяцев назад

Hi Clint, thanks for the knowledge drop! Hoping you can help me out. I have some rental properties that I need to add to my living trust. I also plan to create an LLC for the rental props. I'm confused on which I should do first, add to living trust OR establish LLC. Can you help? Thanks!

@ClintCoons 9 месяцев назад

Create the LLC - move the properties into the LLC - place the LLC into the living trust.

@gnawshus007 9 месяцев назад

@@ClintCoons Thank you Clint. That's what I has in mind but wanted to be sure.

@thesausy1sausezombie 2 года назад

Where and how do you reassign your trust?

@ClintCoons 2 года назад

Are you asking how do you assign your LLC? You do not assign the living trust.

@victorial.4345 6 месяцев назад

do we need record the assisgnment anywhere to make it valid or it can be a private document ?

@ClintCoons 6 месяцев назад

Private

@reaabeer1040 Год назад

Hi Clint, i am in California and when i ask the escrow to put the property title to a trust and my trustee is llc they said that llc can't be the trustee😮 what to do?

@ClintCoons Год назад

Find a new title company or use an attorney to prepare the deed. We file these types of deeds all the time.

@same.7939 10 месяцев назад

Hi Clint- great video. Your approach makes sense but it doesn’t solve the problem of privacy because anyone can look it up on the SOS database and see that I’m associated with the llc as a member. How do you solve this without complicating opening bank accounts down the road?

@ClintCoons 10 месяцев назад

You set up a WY LLC as the member. WY does not disclose any information on it managers or members.

@same.7939 10 месяцев назад

@@ClintCoonsgotcha! That makes sense. So the WY LLC can be listed as both the member and manager on the LLC, correct? And for opening a bank account, since your name is not directly listed on the LLC, you’ll just have to show proof that you own the LLC that owns it, correct? Thanks so much!

@ClintCoons 10 месяцев назад

@@same.7939 Correct

@same.7939 10 месяцев назад

@@ClintCoons thank you! I appreciate the great content.

@stacysays 3 месяца назад

How do you assign your partnership interest into a revocable living trust?

@ClintCoons 3 месяца назад

You would use an assignment of interest form.

@lisakoontz2880 2 года назад

What if you create an LLC as a Partnership, listing yourself and your LT as members? Then when you pass, the LT becomes the surviving member of the LLC?

@ClintCoons 2 года назад

Why not just make the living trust the sole member of the LLC? Keep in mind if you have a joint living trust that is the sole member of your LLC you can still elect partnership tax status.

@tammynguyen9724 3 месяца назад

I am 62 years old and have a house under my Living trust. Now I want to rent the house and want to open an LLC. Can I do this ? your advice really help me. Thanks

@ClintCoons 3 месяца назад

Yes, you can; however, we have an even better strategy whereby you sell your house to your LLC for huge tax savings. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession . Be sure to mention I replied to your youtube question about selling your house to an LLC.

@SumaHomes 9 месяцев назад

what is your thought "if someone sues the LLC" , will the creditors takes over living trust and become beneficiary.

@ClintCoons 9 месяцев назад

No they can take the assets from the living trust.

@user-tv1hm5kt4l 9 месяцев назад

Thanks Clint. My husband and I intend to do just that with Anderson (I hate to say that as it is procrastination!). When one assigns interest to the Living trust in a one page document, what now? Is it notarized and just kept at home or recorded anywhere or does one amend the Living trust document to legitimize/ fund it properly to the trust?

@ClintCoons 9 месяцев назад

You can notarize it and keep it with your trust documents.

@user-tv1hm5kt4l 9 месяцев назад

Thank you Clint

@seanmclaughlin7415 Год назад

What about this idea on putting you’re LLC into a trust like you explained and set up a personal/family trust and have the business trust donate the funds from the business to the family trust as a donation to avoid paying taxes? Opinion?

@ClintCoons Год назад

That would be an orange jumpsuit strategy unless I am missing something in your question.

@seanmclaughlin7415 Год назад

@@ClintCoons I am not sure if that term “orange jumpsuit strategy” means not a good idea, or the name used for this setup. Do you consult?

@ClintCoons Год назад

@@seanmclaughlin7415 Yes not a good idea. I do consult with existing clients. If you want to set up a strategy session I have a link in the show notes.

@seanmclaughlin7415 Год назад

@@ClintCoons Is it true that you lose half of your protections from your LLC if you put it in a Trust? Or it depends on how the Trust or which Trust option you use?

@ClintCoons Год назад

@@seanmclaughlin7415 You do not.

@danilofuerte990 Год назад

Aloha Clint. Me & my wife converted our assets to a trust. Because of my medical needs I have to move from Hawaii to Texas. I am not allowed to have earned income because I am a 100% disabled veteran classified TDIU. meaning VA gave me benefits because of unemployability. Are we allowed to rent out our property for passive income? Can we convert to LLC? If so under what name? Wife only? How are the taxes to be filed. Thankyou

@ClintCoons Год назад

Typically yes. Rental income is passive. To be safe, I would make your wife the owner of the property.

@sluggishincaliforniatv6741 2 года назад

I already have my rental property in an LLC along with an LLC bank account and a deed already recorded by the county under the LLC name. I am working on my living trust so if I go your route and use an "assignment of interest" form, do I need to have the deed of trust modified again? This is in the state of Alabama.

@ClintCoons 2 года назад

No you do not.

@sluggishincaliforniatv6741 2 года назад

@@ClintCoons thank you. Love your vidoes.

@rinihaque2946 2 года назад

@@sluggishincaliforniatv6741 I am in same situation So just to be clear no need to modify the existing deed that was created for LLc and no need to map those deeds to the trustees name again after creating the trust and no need to record those deeds with the county clark office again. all we need is operating agreement and assignment just like he said. This way probate can be avoided, still can keep asset protection since using LLC, can Hands off the management of the trust to the Trustee and beneficiary gets stepped up basis price at the time of death as long as total asset value not over 11.5 mil ? pls clarify

@wethepeople9412 11 месяцев назад

What about the privacy benefit of not having your name on the llc? I guess privacy is only available if you dont need a bank loan for your llc.

@ClintCoons 11 месяцев назад

Correct you will always be on the loan but you will not be on title if you use an anonymous LLC.

@ricksass583 2 года назад

Hi Clint-If I assign our WY LLC membership interests of my wife and I to our revocable living trust with a separate assignment, the revocable trust becomes the member and the WY multi-member LLC now becomes a SMLLC, correct? So at that point, is the LLC now a disregarded entity for tax purposes and income is than reported on our personal returns and we do not file a partnership return? If the membership interests are assigned to the revocable trust, is there a need for a separate TOD assignment? In a multi-member LLC, how do I handle the TOD of the members? If I include a TOD clause in the operating agreement, with the ultimate successor member being the trustee of the revocable trust, then a lender/banker would probably ask for a copy of the trust document anytime I apply for loan or open a bank account. Is there a way to provide TOD provisions but not include it in the operating agreement?

@ClintCoons 2 года назад

Incorrect. The living trust is looked through to the beneficiaries. If it is a joint LT then you have two owners. The LLC does not become a disregarded entity to the LC unless you make one spouse the sole trustee holding the interest on behalf of the living trust.

@dman10000000 2 года назад

Clint, I currently have both. ..a living trust and a few LLCs...does the assignment have to be recorded and also what is the "legal" name for the assignment?...thanks..m

@ClintCoons 2 года назад

The assignment does no. Remember if your state requires you list the member of your LLC then you will need to update the state when your LLC renews with the new member.

@dman10000000 2 года назад

@@ClintCoons ...thanks. ...so I don't have to change the deed in the courthouse from the name of the LLC to the name of the trust?

@ClintCoons 2 года назад

@@dman10000000 If the property is held in an LLC then the LLC is assigned to the trust. If the property is held in your personal name then yes you would want to change the name with the county to make your trust the owner.

@CDReimer 3 года назад

Wouldn't the LLC fall under the pour-over will (if available) that assign unassigned assets to the living trust? Could someone go after the LLC if they challenge the pour-over will in court?

@ClintCoons 3 года назад

Yes but why go through probate if you can avoid it so assign your interest to the living trust. If someone challenges the estate it would not matter if you have a living trust or will both can be challenged.;p[jk

@RickMansur 2 года назад

@@ClintCoons great video. If you assign your LLC to your revocable living trust after the fact as you suggest in this video, do you then have to change and delineate the assignment to the trust in your LLC operating agreement? And secondly do you have to pay trust income tax rates from income produced by the LLC because the living trusts is the member? From what I understand trust income tax rates can be onerous.

@ClintCoons 2 года назад

@@RickMansur No you would not need to change your living trust nor would you pay trust tax rates.

@RickMansur 2 года назад

@@ClintCoons thanks, but specifically I'm asking would you need to change your LLC operating agreement to make the revocable living trust the member of the LLC.

@ClintCoons 2 года назад

@@RickMansur No the assignment of interest would be sufficient (assuming it comports with your operating agreement). If you want, you can always restate your LLC operating agreement naming your LT as a member.

@KingDrew11 10 месяцев назад

Clint you look like harvey dent on the dark knight 😅

@ClintCoons 10 месяцев назад

😂

@XavierIsraelMatamoros Год назад

Question: If I put a joint taxable brokerage into a Wyoming LLC and then assign my manager-member interest to the Living Trust, will income still be 100% tax reported under my own name as Trustee (assuming disregarded entity)? Or will it have to be separated out 50/50 between me and the joint owner?

@ClintCoons Год назад

The income will flow to you personally. Your living trust is ignored for tax purposes (I assume this trust is not an irrevocable trust).

@XavierIsraelMatamoros Год назад

@@ClintCoons Thanks, Clint! You are the best! I wish you were my lawyer. 😀

@RowdyBush 3 года назад

Can I wholesale while also being a licensed realtor?

@ClintCoons 3 года назад

Best to check with your broker or board.

@Birbb2 Год назад

Hello Clint, after a few months of watching your video, I finally setup WY llc to hold my in state llc. I wonder when I assign my llc interest to living trust. Do I have update anything with the state? My state? WY state? Thanks for any infor and much appreciated with all yr videos.

@ClintCoons Год назад

You do not need to update anything when you assign your interest into your living trust. The assignment is all that you need to complete.

@Birbb2 Год назад

@@ClintCoons Thanks Clint. It's interesting because I read infor on one of WY attorney's website and their website said that after I transfer interest to trust then I need to file amend to article of organization with the secretary of state to update. If not, that would be great for me... :) Much appreciated!

@ClintCoons Год назад

@@Birbb2 Yes, that is not accurate. You do not need to update your articles.

@Birbb2 Год назад

@@ClintCoons Awesome!! Thanks a lot :)

@cleansebob1 Год назад

Why should I care if I have to provide the living trust document to a bank? Is it just the delay? Or are there other concerns?

@ClintCoons Год назад

Because the bank wants to verify that your LT gives you the authority to engage in the transaction. I know it is stupid but they bank needs to protect itself.

@cleansebob1 Год назад

@@ClintCoons So no real concerns about providing it to bank?

@edwinolavarria595 2 года назад

Trying to be more informed from others questions , why are Clint’s reply’s visible?

@edwinolavarria595 2 года назад

Not visible

@ClintCoons 2 года назад

Edwin I looked at the video and I can see my replies to many questions. That is odd you are unable to view them.

@CoCoRaEl Месяц назад

So the rental properties should be under the LLC and not the living trust? I have 2 in my trust.

@ClintCoons Месяц назад

That is correct

@Birbb2 Год назад

Hi, I am thinking to do like this but wonder. After I formed LLC, do I need to transfer deed to llc? or it stays in living trust name. Thanks!

@ClintCoons Год назад

Yes you will want to transfer your investment property into the LLC. The LLC will be owned by your living trust.

@Birbb2 Год назад

@@ClintCoons Thanks.

@onyxoxy4733 3 года назад

Parent LLC (WY) owns a Living Trust This same Living Trust owns a subsidiary LLC Could this work ? Will a bank authorize the Living Trust as the account holder & signer for my subsidiary LLC ? And could the Living Trust have a bank account owned by the parent LLC ?

@ClintCoons 3 года назад

Other way around. LT owns the WY LLC and the WY LLC owns the sub.

@ngreat4390 2 года назад

But can it be sandwiched tho? A LLC owns a trust and itself is owned by a trust?

@joemahoney6496 Год назад

Maybe I misunderstood this but why can't you 1) Create a Trust that you are Trustee in? 2) Create WY LLC and make the Trust both the Member and Manager of WY LLC? 3) Open bank accounts for WY LLC using Operating Agreement with Trust/Trustee listed as member/manager of WY LLC? Semi unrelated...how do you deal with the anonymity aspect when living in California? California from what I can tell has a very open definition of "doing business in" that seems to indicate that no matter what if you create an domestic LLC outside of CA in lets say Wyoming for buying real estate in Wyoming but you live in CA and manage the business from CA then you are "doing business in" CA and must file your Wyoming LLC as foreign agent in CA which would trigger Secretary of State public record? Unless you created your holding LLC in CA from the start with a Trust being the manager-member to preserve anonymity? Unrelated

@ClintCoons Год назад

Joe, you can stet up your structure as you describe but it might make opening the LLC bank account more difficult because the bank will see the trust as its member. You will then be asked to provide a copy of your trust for the bank to review. On the CA question, you do not have to register you WY LLC in CA. The only requirement you have (assuming you are not running a business in CA) is filing the annual franchise tax return for your WY LLC.

@joemahoney6496 Год назад

@@ClintCoons Aren't I running/doing business in CA if I am managing the business from CA? And taking profits for myself while living/being in CA?

@ClintCoons Год назад

@@joemahoney6496 Yes you are for purposes of the FTB just not the California corporations code that govenrs if your business must register in CA.

@carlosdelapena366 Год назад

HORRIBLE handwriting, but SUPER INFORMATIVE and easy to understand. I give you a 10/10 my friend

@ClintCoons Год назад

Thanks - yes my mom told me I should have been a doctor. :)

@What-gl3py Месяц назад

and you can do that with any kind of business?

@ClintCoons Месяц назад

Yes.

@user-en1ls6zy6u 7 месяцев назад

What book can i order to explain this to me ?

@ClintCoons 7 месяцев назад

www.amazon.com/Next-Level-Estate-Asset-Protection/dp/1950863883/ref=sr_1_1?crid=13K8J6O7Z4GQF&keywords=clint+coons&qid=1703706632&sprefix=clint+coon%2Caps%2C175&sr=8-1#customerReviews

@toysorbust 2 года назад

How are taxes paid on your method?

@ClintCoons 2 года назад

At the individual level (1040)

@MehrdadAlemi 2 месяца назад

How about the tax implication?

@ClintCoons 2 месяца назад

No tax implications.

@JulietFlowers 3 года назад

Should you buy the houses under a Living Trust also? In Texas, Title Companies won't close using Land Trusts.

@ClintCoons 3 года назад

If the property is an investment it would best if purchased under an LLC if possible. If it is your personal residence consider the living trust.

@melonyode4109 2 года назад

Are you from Wagoner Okla

@ClintCoons 2 года назад

@Shep5847 3 года назад

Doesn’t it jeopardize my anonymity to make myself a member/manager of the LLC?

@ClintCoons 3 года назад

Depends on where you set up the LLC. If it is a WY LLC nothing is disclosed to the general public. I have several videos on anonymity and LLCs discussing this topic.

@headlibrarian1996 Год назад

@@ClintCoons Sure, but if your WY LLC does something more interesting than holding a bank account and you don't live in WY you need to file a foreign registration in your state. Might as well form a local entity and save yourself fees and hassle, but then you'd have to disclose yourself in your state's SOS website, which is not optimal. I don't mind the beneficial owner declaration FINCEN requires, since that isn't public.

@ClintCoons Год назад

@@headlibrarian1996 Yes you need to FF if your WY is running a business in another state and by so doing, you will lose your anonymity. A work around requires the use of 2 entities. One to run the business (state specific) and a WY LLC to own the business (anonymity).

@headlibrarian1996 7 месяцев назад

⁠@@ClintCoons I presume then that the hidden assignment trick applies to the WY holding company, not the operating company. Won’t they ask for the OA of the WY holding company too? Just to be thorough, can’t be too careful or paranoid. After all they probably already demanded the operating company’s OA because you’re using officer provisions.

@ClintCoons 7 месяцев назад

@@headlibrarian1996 They could.

@chicago9458 Месяц назад

This assignment business sounds too good to be true. If the LLC was setup to own real estate, people would do this all day to avoid reassessment? Change in membership and/or proportion in case of more than one member does trigger reassessment

@ClintCoons 28 дней назад

It depends on the state. Yes there are ways to avoid reassessment provided the ownership (indirectly or directly does not change)