Legal Question in Real Estate Law in Nevada

LLC or Trust

I currently have a few single family residents as rental properties. I want to protect myself and the assets from liability/law suits. I am currently going refinancing on some of the properties. My questions are:

Should I form an LLC or Trust to protect the properties? What are the benefits between the two?

Should I create separate LLC's/Trusts for each property (total assets worth $1.5M) or just one and put them all under the one?

Should I record the properties under the new title (LLC or trust) before escrow closes to ''kill two birds with one stone'' or should I wait to do it after escrow closes?

If I record the properties under the LLC/Trust after escrow closes, how do I do it?

Do I need to have a title company do it?


Asked on 6/19/03, 7:27 pm

1 Answer from Attorneys
James Smith James E. Smith Ltd.

Re: LLC or Trust

I would take title in the LLCs before escrow closes. If they are rental properties I would have an LLC for each apartment complex. If single houses I would just use one LLC.

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Answered on 6/19/03, 7:43 pm


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