LIVING OFF DIVIDENDS & PASSIVE INCOME

Last thursday I attended an asset protection seminar by attorney Clint Coons of www.alglaw.com. It was pretty good and it reconfirmed some of the information I had read elsewhere.

1. Own real estate in a manager-managed LLC for optimal asset protection and tax benefits.
Nevada has great benefits for an LLC. Charging order is the only remedy in Nevada.

2. Use a C-Corp to shelter real estate related income.

3. Use a Land Trust [grantor trust] for obscuring ownership. Its not foolproof but it hides ownership. If LLC is the beneficiary you also have asset protection.

Overall, I was very impressed with his legal and tax knowledge. They sell a kit for creating your own corporation, LLC and land trust for $1500. I’ll probably get that. I’ve already created a C Corp and an LLC but it’s propbably worth it to learn more about the different entities.

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