Dear All
Could you kindly advice me on asset protection for an overseas condo that I have inherited from my parents? The condo is located outside the USA in Asia and is presently empty for a year. The legal system takes about a year to transfer the condo deeds to my name after my parents left it for me on their joint last will while living overseas. My parents are not US citizens and never lived in the USA. I am an American.
I am planning toon rent the condo for at least 2 years or longer. I am planning on opening a bank account overseas to collect the rental income and filing tax returns on my IRS in the USA.
1. Should I create an irrevokable trust in the overseas country for asset protection?
2. I already have an LLC the USA in which I hold rental property in IL. Could I move this overseas property condo into the same LLC or create a separate US-based LLC?
Thank you for your time and advice.
Could you kindly advice me on asset protection for an overseas condo that I have inherited from my parents? The condo is located outside the USA in Asia and is presently empty for a year. The legal system takes about a year to transfer the condo deeds to my name after my parents left it for me on their joint last will while living overseas. My parents are not US citizens and never lived in the USA. I am an American.
I am planning toon rent the condo for at least 2 years or longer. I am planning on opening a bank account overseas to collect the rental income and filing tax returns on my IRS in the USA.
1. Should I create an irrevokable trust in the overseas country for asset protection?
2. I already have an LLC the USA in which I hold rental property in IL. Could I move this overseas property condo into the same LLC or create a separate US-based LLC?
Thank you for your time and advice.
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