My question involves real estate located in the State of: California
We are looking at purchasing income rental property.
We have an existing corporation (INC). I am trying to avoid forming an LLC.
Questions Legal wise:
1 Can we title the new income rental property into our existing INC instead of forming a new LLC and still have the veil against our Trust/personal assets from NON criminal law suites?
2 Whether we title in INC , LLC or our Trust, I assume there is never a veil when it comes to any potential criminal liability?
3 Would I need a "veil" at all , if we get a 15 Million insurance liability policy on the rental income property and a 15M personal umbrella, at that point can we just title the rental income property into our existing Trust? keeping in mind that our personal home is already titled under our Trust, so that will make 2 properties under our Trust if we add the new income property..hence the 15M
Questions tax wise: ( I know its not a tax forum, sorry)
Whether we title the income rental property into an INC or LLC or our Trust, I assume we would we still receive the same tax deductions available to such properties, correct?
Thank you very much