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We are in process of buying home in FL
We are residents of TX and have no desire/intent to change primary residence
house will be for personal use only--not rental property and not really investment intention although may have to be sold at some point in time
will be cash--no mortgage
our financial advisor that we saw this week for normal review suggested we buy/close in name of an LLC we create for that purpose
to make probate easier mainly
he didn't know if LLC had to be FL based or TX based from after reading some other postings on other sites I think maybe it could be created in any state...
my husband thinks there is an awful lot of work to create it and then do all paperwork in name of the LLC
like have utilities in that name, and a bank account separate from personal account
pay all bills with checks in that name
have homeowners insurance in that name
he just doesn't see the advantages outweight the hassle of doing all the other stuff
we are in early 60s--good health--but accidents can happen as far as estate/probate situations
any insights into whether advantages outweigh burden of operating under LLC
An LLC is more for an investor/business who is buying multiple properties and to protect himself from tenant lawsuits. They LLCs each property separately so a tenant can't go after them. I think what you're needing is more of a Trust.
If you want to avoid probate, establish a living trust and title the property in the name of the trust. Then when one of you dies, you will re-title it to a bypass trust.
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