Wyoming LLC Members already reported for BOI under the Corporate Transparency Act…should we NOT use that Wyoming LLC as a Beneficiary OR Trustee?
We\’re planning on putting our current investment properties into land trusts, however, we already submitted the BOI documentation required by FinCen for our Wyoming LLC. Should we now NOT use that LLC as either a trustee or a beneficiary, and just create a new one?
Follow up question to that…for any LLCs that were created in states that are private (WY, DE, etc.) where we did report, should we just no longer use those since \”someone\” now knows who the members are?
Thanks.
Andrew R. Timms Changed status to publish
- The answer to your first question is how much privacy you desire. Theoretically, the Feds are keeping the BOI information confidential (personally, I do not trust them…and that is why i did not register any of my entities in hopes that Trump would kill the requirement, which seems now to be the case) and since there is no registry for Land Trusts, no one should know that your LLC is the beneficiary of your Land Trust (unless they sue you and find out via the “discovery” process). Also, i would never use my own LLC as the Trustee of a Land Trust. Some States don’t even allow it (e.g. Texas).
- The second question is like your first, it would be expensive to close down your registered entities and buy new ones. But again, it depends on your desire for privacy.
Kelly Beck Posted new comment
Thank you.
A follow up question….
We sell on land contracts in Indiana. If we have sold the property on a land contract (LLC was the owner) and now want to deed the property to a trust, how would that affect the memorandum we need to file (recommended by our attorney)? We haven’t recorded it yet, so would we need to have the property deeded to the trust FIRST….then have the memorandum notarized between the trust and the buyer? Or how would the fact that the property would then be owned by the trust affect how we’d record the memo?
If this deserves a phone call, please let me know.
Thank you!