I once read a retired indurancr broker state that "insurance is the only legal way of ripping people off". Totally agree. Never put all uour trust into an i surance company. They will try every trick in the book to get off the hook if something happens. A friend of mine had a beauty salon and had some expensive treatment machines there. Somebody broke in at night and dtole them. Guess how many $ she got back from the insurance company? 0. The excuse: "the locks weren't good enough". 🤦🏼 can't make this stuff up.
Of all the videos I watched this was the most down-to-earth and reasonable. You explain things from a matter of fact perspective so I can understand. I really appreciate your video.
Where do you get the umbrella policies that cover you and the corporation? We have USAA. How do we know if our policy covers us and the LLC? (BTW, I didn’t think you read this comments, but you (or maybe your staff) responded to the comment about the red chalk, so I’m hoping you’ll see this). Thank you Toby. I’m not sure why you’re so generous to share your knowledge, but it helps me think and push friends and family into doing the right thing to protect themselves. Happy Summer.
How and when do anyone start doing estate planning? What types of estate planning to use to suit estate value? What is the cost to setup and maintain? How do I know if the estate lawyers are any good? I use a lawyer for my living trust, but the lawyer use my name on the trust.....
Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide you with an answer that is unique to your situation. Visit: aba.link/a2e290
Fantastic information Toby!!! Perfect for us since my 82-year old mother owns $3.5 million in rental properties in Communist California. Wyoming Strategy sounds great. We are Subscribers of your channel when I discovered you earlier in 2022. Thank you Mr Mathis for educating us with actual solutions not like other attorneys who are just outlining general ideas and saying "Call Me."
"Communist California?! What a crock. That state's Prop 13 property tax increase limitation makes it one of the best states to retire in. Rental properties in other states have no such protection so your fixed income retirement lifestyle gets drained by a 40% property tax increase IN ONE YEAR like mine did in 2023 in red state shitholes Alabama and Louisiana.. Looking to get rid of those properties and buy in California.
On one word Excellent . Now I need to learn different btw Trust or Holding when is a single owner. WY is cheaper but must be report taxes in WY & where assests are. Doble but WY lock information according what you mention.
Thanks for this amazing info! Quick clarifying questions: If I own an investment property in California, are you saying that I should put it directly into a WY LLC or should I have it in a CA LLC that is owned and parented by the WY LLC? Would I ultimately have it owned by a living trust, or would that counteract the anonymity. Thanks in advance!
Yes, generally rental properties in a family trust do not carry the protections of an LLC. You can, however, structure your properties so that they are titled to LLCs, but they are still able to be distributed by a family trust upon your passing and avoid probate. Please get in touch with Anderson Business Advisors about getting a consult 877-853-4221
Fantastic video. Great content. Probably my first big question once I decided to research Short Term Rentals as an investment. 1 related but kind of not related question: I got divorced last year and bought a home with my piece of equity from the marital home. Luckily found a great house and with it came a great renter that was in the in-law suite. Pays $1k p/mo. I have another roommate in the main house with me that pays $750 p/mo. Leaving my share of the mortgage at $750. I've wondered if it would be beneficial to put this home in an LLC for write offs and pay myself rent. Any benefits to this? I want to do what is needed with my primary home before investing in rentals. Thank you!
Thanks for the vlog! Question about when it comes to a lawsuit, don’t one have to disclose all forms of asset you have? If assets are on LLC, not in my name, etc. do we have to disclose it ? Thanks!
Not now, but soon, Dear Mr. Mathis, I have a neighbor of one of my two rentals who is trying to start a fight, like saying bad things about someones mom. He has already threatened me with I was trespassing, I threatened him. All b.s. because I did nothing of the sort. His wife actually called the cops two times when my dog was missing and then he said, "Don't call the police?' I have already told them 3 times that their retaining wall was slipping. There have been 3 slips so far, first a 4 x 4 wood beam then 31 concrete blocks fell on my flag lot driveway. Now today I went by there and there is another part where the blocks are beginning to burst out like a balloon, but they are concrete. My tenant had to stack all the blocks that fell earlier to get out of the driveway and go to work. It is a problem. I do not feel safe speaking to the other neighbor homeowner, as he thinks I am supposed to pay for his wall?
We recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
What happens when you're just a single/sole owner of multiple rental properties? Should I still do LLC's? What happens when you're located in a different state from where your properties are? Does each property get its own LLC, which in turn is owned by another LLC in the state of the owner?
If you create a WY LLC, you probably can register the WY LLC as a foreign LLC in the state where the properties are and the WY LLC probably can own them. Costs $100 more or less. I dont know if it would be better to have an LLC in the property state parented by WY LLC. For each LLC, you do an annual report to the state which is $50-$100 depending on state, but they are easy, just lists the people who control it. Maybe Toby can answer. Im a non-lawyer, this is not legal advice.
I have a question: I am a Canadian Citizen, I purchased couple of properties in Florida USA with USA partner, my partner is USA Citizen. We purchased all of the properties under our names by "tenants in common". We are thinking to transfer all of the properties under incorporation like LLC OR LP. Please let us know best way to establish corporation so we both are directors and 50% shareholders. Also let us know how we can transfer all of the properties to LLC without any cost.
Thank you for your extremely informative video.I am a realtor in the state of Hawaii and cannot form an LLC iin the state according to the local laws. I have a rental attached to my home. How can I protect myself in addition to insurance ? Thank you BT
Most States require you to file a "foreign out of state entity " in the actual state your conducting business if you've registered your llc in a different State Does the Foreign out of state rule also apply to real estate or just actual businesses? And does the filing of the foreign entity expose the ownership of the out of state llc? Thanks in advance Toby if you happen to read this and answer it!
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Hi Toby. Can this strategy keep your name off of the HOA records? Will the HOA have records of your name because of your mortgage company or can you have 1234 LLC be the name that the HOA has on Record?
??? Have you done a video on setting up host home for disabled /autistic adult. ??? After I die how to I keep him protected and living in our paid for home??? (In Colorado)
This very informative but my question is what is the best strategy when your lender on the rental properties does not allow for you to place their asset in a corporation and if you do they can call the Loan on you etc. thanks
I recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
You only mentioned IRAs and 401k under the Bank heading. What absolutely a regular savings account? Do these rules apply to creditors and during a bankruptcy? State of Florida.
I recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Question, if I covert all of my rental properties to llc and 6-10 years down the road I want to give the properties to my kids will it be difficult to covert back to sole proprietorship? Thank you
Hi, we recommend speaking with one of our advisors for any legal advice and service prices. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
We have a number of videos that can help you start building your wealth but we will take your suggestion regarding a specific video on single family homes into consideration.
I was told, by an NC attorney, that if it's same owner for all the properties and especially if it's just 1 or 2 owners, doing the same kind of business, (ie real estate rentals/property management), it's not allowed to have each property in a separate LLC. They used the verbiage: excessively fragmented. I'm still not 100% I understand what I can/should/could/can't do. Would like to hear your take on this (excessively fragmented) term.
How do you qualify for your rental property home equity with good credit and low paying job. Renters cover rent now and would cover with refinance cash out?
Great information I’m in the state of Florida and I’m trying to find out if you have any offices in Florida and if I can use the Wyoming LLC when I already have the Florida LLC to protect my rental property I get nine duplexes If you can let me know thank you
if you have a wy llc and live in ca is it true you have to have a ca llc for that llc in wy because you live in ca or is that only if you make income in wy?
I recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
I currently have 2 properties in California and currently live there... Can a wst really help avoid the franchise tax or do I still have to pay franchise tax for the wyoming holding Company and the trustee Llc for the land trust
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Generally, you would deed the property to your LLC and file it the deed with county recorder. However, for some states there are different ways you should deed the property to an LLC to avoid a reassessment on the property for state tax purposes. We have developed various methods to avoid reassessment on the property when deeding it to an LLC. Call 877-513-2658, and we can determine how to deed your property into the LLC and file the deed for you as well.
Hi Garine, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, aba.link/tobyss. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Hi John, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Thanks for the amazing info. What happened when I own different rental properties in different states, like in New Jersey and Florida. I live in New York City, you’re saying that I should put it directly into WY LLC ? Or should I have it in NY LLC where I live. Thanks for your advance advice.
You emphasized lawyers don't go after a safe when they don't know what's in it. But then you concluded that you, as a lawyer, are making all of this online content with no return on investment?
Statutory Trust in CA FTB Gane changer! us that just for Real Estate? We have to cobne! I need link to join your Infinity Investment group. You are a lion when it comes to Asset Protection. I love your videos for rental properties and stock brokerage protection .
