I have Rental SFH and apartments in orlando area. Any suggestions what is the best way to put layers of protection on asset protection. right now I have under few LLC s and it is too much work to open each bank account under llc and paperwork.

Has anyone heard about Forming master llc in wyoming,delaware

and then controlling under that LLC ?

"It is too much work to open each bank account under llc and paperwork."

When I got my bank accounts for each LLC in TX, apart from actually having the LLC paperwork from the TX SOS, all I needed was to hop online, get a one-time federal EIN for banking purposes, and then submit that.

For annual federal taxes, all I need to do is file my Schedule E with my personal taxes.

Neither TX nor FL has a state income tax.

And to keep my single-member LLCs in good standing, all I need to do is file two pieces of paperwork by May 15th each year: one updating my public information (hey, I'm going to be president for the next nine years), and one explaining why I'm not paying franchise tax. (Because the LLC earned less than $250k that year.)

Lisa LLCs do not hide assets in FL. Everyone and brother knows how to access SunBiz. Way too easy...County lists the LLC as the owner, SunBiz lists the managing Partners.

I realize that you question Delaware. I too tried the 'Delaware' nondisclosure LLC. After awhile, things didn't feel right/above board.

I have been told that there are some type of 'Trust' that will hide ownership.

I decided to carry lots of insurance and play by the law. Clear conscience.

I had a friend with "Wax" in his ears. Would not listen to reason. He opened up a master LLC and it only cost him four million dollars! Instead of having each property separate -- one property under one name with one insurance carrier, he had all of his properties under one name so when he got sued, they went after all of his assets....

Honestly I would be very cautious about using an LLC. When I did this on one property (this was years ago), I believe Florida Family was one of the very few insurers that would even write a policy for an LLC in this state and of course they charged a couple hundred dollars more a year for this privilege. I don't know if things have changed since then with the insurers here but I doubt it.

With the homeowner's insurance environment already as terrible as it is in Florida, why box yourself in by adding something new to your property that further limits which companies you can use?

Does land trust protects better than making separate llc

For each lproperty

I'm sorry I didn't read your post thoroughly, it seems you already have LLCs.

I did go to a lawyer a long time ago and he brought up the Delaware "master" LLC and also the Nevis LLC...I was gung ho to do it first and called my insurance agent and they said no, they would not go for that arrangement, so I gave up the idea.

Lisa it's my understanding that land trust only hides your identity. It doesn't offer any asset protection.

And you need to set the land trust up at the beginning when you buy the property for the privacy feature to work. If you buy in your own name and then try to do this later anyone with a brain can go on the property appraiser website and figure out who is in the land trust.

Do what Richard said. The rest of this "can I hide/protect my assets in an LLC" stuff is going in the wrong direction.

Do not forget that LLCs were never intended to limit the liability of managing members (which is what you are).

- John...

I've never understood wanting to "hide" your assets.

I've read on here that lawyers search for deep pockets before accepting a case. Not really. If there is insurance coverage, that will be enough to get the started.

One time I remember reading someone here said (when asked about what they would say if deposed) something along the lines of "I'll tell them I'm a member of the LLC and I don't own the property". Hello ... who thinks an attorney is going to fall for that? Next question - do you own a share of the LLC? Hand me your personal income tax records. Show me where the profits of the LLC go.