[Erin]

Looking for advice about putting assets in an LLC. I’m realizing I need to shelter my assets better.

I just need help knowing how and where to start. Both tangible assets (car/house) as well as my investments.

Do I need to use a lawyer or can I do it myself online? Is it better to have multiple LLCs. Tax implications?

Any thoughts would be appreciated.

Thanks!

(To clarify, all assets are personal. No rental property or business property at this point).

[Suzi]

Not financial advice, this is from personal research. You don’t need an LLC unless it’s for business liabilities. For example you get sued. You’ll have annual renewal fees that are costly.

LLCs are pass through tax entities so everything would still be in your personal tax return.

For personal wealth, I would consider putting your assets in a trust, to save loved ones from probate.

[Shawn]

Cars and personal residence should not be in an LLC. Retirement accounts are asset protected so fully funding those is probably your best asset protection.

For estate planning I would consider a living revocable trust for the house and accounts.

This doesn’t help with taxes but gives you control when you pass away and avoid probate.

Anderson Advisors sells a strategy where you use a Wyoming LLC for asset protection of a brokerage account.

This is probably oversold but if your bank account is in the millions maybe it makes sense.

[Isaac]

Sounds like you may be looking for a Living Trust as opposed to an LLC. Seek out an Elder Law / Estate Attorney and ask questions.

[Jason]

When you say, “shelter my assets better”, what do you mean? What are you trying to accomplish?

[Steve]

I’ve never heard of creating an LLC for assets. An LLC has to be a business producing something.

If your assets are all real estate rentals – then an LLC probably makes sense.

If they are all in mutual funds – I’m not sure what it can do.

[Scott]

I think your barking up the wrong tree if your simply trying to shelter assets. Do you have an umbrella policy?

That would be a better approach

[Author]

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