Florida Property, live in NYC and PA.

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Dear Sir,

I personally live between NYC (my main home) and Poconos, Pennsylvania. (My second home). I am looking to purchase a single family property in South West Florida to rent out for 10-15 years before using it personally for my retirement. I also own a music entertainment company, structured as a S-Corp. Do I use a Land Trust in New York to hold title to my Florida rental property and make my NYC S-Corp a beneficiary? Create a new separate LLC to be a beneficiary? Make myself, a private person a beneficiary? Tax advantages/liability of each?
Thank you very much, David

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David,

You asked: I personally live between NYC (my main home) and Poconos, Pennsylvania. (My second home). I am looking to purchase a single family property in South West Florida to rent out for 10-15 years before using it personally for my retirement. I also own a music entertainment company, structured as a S-Corp. Do I use a Land Trust in New York to hold title to my Florida rental property and make my NYC S-Corp a beneficiary? NO, I WOULD SUGGEST YOU FORM A FLORIDA LAND TRUST (FLORIDA HAS A TERRIFIC LAND TRUST STATUTE AND NY DOES NOT). YOU MIGHT CONSIDER CREATING A 2ND LLC TO BE THE BENEFICIARY OF YOUR FLORIDA LAND TRUST B/C I ASSUME YOU HAVE OTHER ASSETS IN YOUR NYC S-CORP THAT SHOULD NOT BE PUT AT RISK. Create a new separate LLC to be a beneficiary? Make myself, a private person a beneficiary? Tax advantages/liability of each? TAXES WILL REMAIN THE SAME AS THESE ARE GRANTOR REVOCABLE LAND TRUSTS THAT FLOW THRU TO THE BENEFICIARY.

MR. LAND TRUST

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