Clint, thanks for the great advice. Regarding warranty deeds, would deeding the property via a warranty deed still be recorded as a $0 transfer by the county? If so, wouldn’t that still tip your hand about who controls the property? If not, does that become a taxable event? Thanks for all your great advice!
Hi Clint, would you set up a checking account with each LLC along with a land trust? for say Texas? If so, how do you put money into that LLC or take money from that LLC without putting anonymity at risk?
Not sure if you need to use both a land trust and an LLC for your structure. Have you considered scheduling a strategy session (see show notes for link)? anonymity has to do with what information is available to the public. Banking account information is private. To achieve anonymity you should make sure your name does not appear on any public filing with the Texas secretary of state e.g., on the articles of organization. To receive money from your LLC you can transfer it online or write yourself a check.
Hey Clint! Just stumbled across your channel. I am in no way business savvy and have just started learning about these different structures on my own. I had a question for you. I heard in a video (reliable I know haha) that wealthy people will set up a 2 Trust Funds (one for Business and one for Personal) then have the Personal Trust "running" the Business Trust. The business trust is comprised of a corporation (C or S idk which) and then that Corporation owning an LLC. The implication of the video was that's how wealthy people avoid paying any taxes. You seem like you would know if that sounds crazy or not (I have been trying to find answers online but its a really weird scenario). Thank you!
Hey Clint, if I got an Wyoming Holding LLC plus an LLC in the state where the residential multifamily unit is located, do I get a business bank account for BOTH LLC's? Also, on the EIN Application where it asks for Responsible Party if I put my name in that slot that ruins anonymity for me because EINs numbers are public. How do I preserve anonymity in this case? Thanks
Matt, EINs are not public so you will not blow your anonymity as the responsible party. Yes you will need to set up a bank account for each of the LLCs.
One of my buddies has a Wyoming holding LLC, and already has a Registered Agent for it, but just needs a solid Operating Agreement. Do you offer just that as an service?
Thanks, Okay, I told them to reach out to your office. Is a social security number or EIN number needed for you to create it, or do you just need all the other particulars such as how many members, etc to custom create it?
@@ClintCoons i ask cuz I opened that up with Anderson but not sure if that part is set up with out much involvement on my end except just knowing that it's a holding LLC for RE purposes. I don't recall having been told that there is to be a phone call or something to ask me ?s for the purpose of forming the operating agreement. I should have my home office fully up by next week or sooner cuz now all I have is my tablet n phone and I haven't really been goin on thr portal and the box account to see what docs r there for me to review.
Let say if I have an investment with a partner but want to take over my partner shares, can I just file a quick claim deed? How about the loan? Can I take over without refinancing and remove their name on loan?
@@ClintCoons I will still need to refinance if remaining balance? Will it trigger the property tax to increase if I move to trust accounts or personal?
@@slong1688 Do you want to refinance? If your partner is ok with you keeping the financing in place until rates drop why bother. Property tax increase could be avoided if you do it properly. Do not attempt this type of plan without professional assistance.
@@slong1688 Possibly. The questions you are asking are getting into the specifics of the deal that require careful analysis of how it is structured to avoid any increase.
A Remington ,870
Clint, thanks for the great advice. Regarding warranty deeds, would deeding the property via a warranty deed still be recorded as a $0 transfer by the county? If so, wouldn’t that still tip your hand about who controls the property? If not, does that become a taxable event? Thanks for all your great advice!
No because many deeds contain the words "$1 and other valuable consideration" so as not to let people know how much the house sold/purchased for.
@@ClintCoons Thank you again!
When I set up an appointment, do I directly talk to you or someone else?
One of our strategist.
Hey clint, just stumbled on your channel, great stuff - do you or your orgainzation operate in tx?
Yes we do and if you would like to set up a strategy session you can find a link in the sow notes.
Hi Clint, would you set up a checking account with each LLC along with a land trust? for say Texas? If so, how do you put money into that LLC or take money from that LLC without putting anonymity at risk?
Not sure if you need to use both a land trust and an LLC for your structure. Have you considered scheduling a strategy session (see show notes for link)? anonymity has to do with what information is available to the public. Banking account information is private. To achieve anonymity you should make sure your name does not appear on any public filing with the Texas secretary of state e.g., on the articles of organization. To receive money from your LLC you can transfer it online or write yourself a check.
Hey Clint! Just stumbled across your channel. I am in no way business savvy and have just started learning about these different structures on my own. I had a question for you. I heard in a video (reliable I know haha) that wealthy people will set up a 2 Trust Funds (one for Business and one for Personal) then have the Personal Trust "running" the Business Trust. The business trust is comprised of a corporation (C or S idk which) and then that Corporation owning an LLC. The implication of the video was that's how wealthy people avoid paying any taxes. You seem like you would know if that sounds crazy or not (I have been trying to find answers online but its a really weird scenario). Thank you!
Sounds crazy
😊
advise on fixing my s-corp screwup... Please & Thank you! :)
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss
Can you still invest cash you protected into stocks ? Since you don’t really own them anymore, can you still use it ?
Yes you can set up a brokerage account in your LLC.
Hey Clint, if I got an Wyoming Holding LLC plus an LLC in the state where the residential multifamily unit is located, do I get a business bank account for BOTH LLC's? Also, on the EIN Application where it asks for Responsible Party if I put my name in that slot that ruins anonymity for me because EINs numbers are public. How do I preserve anonymity in this case? Thanks
Matt, EINs are not public so you will not blow your anonymity as the responsible party. Yes you will need to set up a bank account for each of the LLCs.
Thanks
One of my buddies has a Wyoming holding LLC, and already has a Registered Agent for it, but just needs a solid Operating Agreement. Do you offer just that as an service?
Yes. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Thanks, Okay, I told them to reach out to your office. Is a social security number or EIN number needed for you to create it, or do you just need all the other particulars such as how many members, etc to custom create it?
If I open llc to hold my rental properties, do I still need to file a quick claims deed?
Yes, you need to transfer the property into the LLC, but I prefer to use a warranty deed or a similar type of deed to make the transfer.
Even the WY holding entity that's disregarded for tax purposes needs an operating agreement?
Absolutely and this is the most important one because it is what provides your asset protection from personal creditors.
@@ClintCoons i ask cuz I opened that up with Anderson but not sure if that part is set up with out much involvement on my end except just knowing that it's a holding LLC for RE purposes. I don't recall having been told that there is to be a phone call or something to ask me ?s for the purpose of forming the operating agreement. I should have my home office fully up by next week or sooner cuz now all I have is my tablet n phone and I haven't really been goin on thr portal and the box account to see what docs r there for me to review.
@@AdrianButler86 Adrian I suggest you set up a call with a platinum attorney to review your docs.
@@ClintCoons Sad to say your key wealth of valuable information falls on death ears..we the few value your insight 👍
Let say if I have an investment with a partner but want to take over my partner shares, can I just file a quick claim deed? How about the loan? Can I take over without refinancing and remove their name on loan?
I would move the property into a land trust or LLC then take over the interest from your partner.
@@ClintCoons I will still need to refinance if remaining balance? Will it trigger the property tax to increase if I move to trust accounts or personal?
@@slong1688 Do you want to refinance? If your partner is ok with you keeping the financing in place until rates drop why bother. Property tax increase could be avoided if you do it properly. Do not attempt this type of plan without professional assistance.
@@ClintCoons what if I pay off the loan and then remove their name will the property tax increase?
@@slong1688 Possibly. The questions you are asking are getting into the specifics of the deal that require careful analysis of how it is structured to avoid any increase.
Thank you
You're welcome
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