Posted by lyal on July 10, 2001 at 07:27:03:
Ricky, I can only speak for the way I do it right now. There are others that post here that know a heck of a lot more about this than me.
I have an “S” Corp that allows profits and losses to flow through to me. This was great the first couple years but now that there are more profits than losses I may need to re-think that. I put each mobile that I “Lonnie” in a Personal Property Trust a la Bronchick with an out of state trustee and the S Corp as the beneficiary (since my state lists the beneficiaries on the title and I want to stay out of the public records I have been advised in the future to make the beneficiary of the trust …ANOTHER TRUST! Still working on that.
My longer term plan is to set up a Nevada LLC to sell the notes to (at a price that is verified by getting quotes from others) to hopefully reduce taxes etc.
Whatever you do I think it’s prudent to set up at least one layer of asset protection between you and potential litigants and to separate assets where possible to prevent a domino effect if someone wins a suit against you.
Just my thoughts, Lyal