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Hi all! Looking for a roomie in Culver City. New Yorker getting into the startup life and transitioning from data engineering to data science.
Looking at the Harlow for a 3 bedroom, want to convert the extra room into a home office: https://www.thewestsidecollection.com/harlow-culver-city-ca/
If you’re interested in the area lemme know!
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Never seen trusts owned by a LLC, it’s usually LLC owned by a trust. The whole point of having a revocable trust is to avoid probate. With a property under a trust, beneficiaries can access the property if something were to happen to the owner/grantor of the trust, avoiding the probate court, which can be long and costly.
Depending on the jurisdiction, use a nominee trust over a rev trust.
But typically it is LLC at the property level, and trust above. Or nominee trust at property level, and rev trust above.
Keep in mind upcoming CTA requirements for LLCs, which will push people back into trusts more.
Thanks all, so was thinking of the following structure: WV holding LLC owning 100% of a NJ LLC which would own the rental property. And, with the CTA, it sounds like benefits of anonymity for WV LLC goes away? Would a trust be beneficial on top of the WV holding LLC to exempt beneficial owner reporting?