Posted by JOHN K HASLACH, CPA MST on May 13, 2004 at 15:35:47:
I don’t see too many LP’s these days because they require a GP. LLC’s generally are the entity of choice for holding real estate long term.
Be careful of the one size fits all planning. CRT’s might not be for you. You have to determine what your goals are and then come up with a plan; not make your goals fit someone else’s plan. Those seminars are great to learn new ideas, but it doesn’t mean all the ideas work for you!
llc v. lp for holding rentals/ real deal with CRTs - Posted by kenn
Posted by kenn on May 13, 2004 at 13:25:02:
for asset protection and tax savings, which is better for holding property a llc or a lp? i recenty attended a asset protection seminar and was told to eliminate cap. gains tax to transfer a property into a charitable remainder trust before i sell. will i have immediate access to the proceeds from the sale to do more flips and manage the day to day operation of my business?
Re: llc v. lp for holding rentals - Posted by William Bronchick
Posted by William Bronchick on May 13, 2004 at 21:31:54:
LLCs generally beat LPs, except in a few states where there is a higher franchise tax on LLCs than LPs (namely, CA, TX, MA)
I agree with John re: CRT’s