Single-Member LLC vs. Partnership · 🏠 Lower Taxes w/ Ryan

Single-Member LLC vs. Partnership

I have an umbrella policy on my rentals currently and in the process of setting the rentals under an LLC for further asset protection (if for some reason a lawsuit is about something outside insurance coverage). Not ready to have a WY holding LLC just yet but had a question on the WA LLC (rental location). I still want my wife and I to own the rentals, yet I don't want to file it as a partnership (tax burden and more compliance, etc...), rather I want to create the LLC as a single-member LLC ("disregarded entity"). What's the best way for both of my wife and I to own the rental equally? Make the Trust the member of the LLC and create an Operating Agreement stating the LLC is owned for the benefit of both spouses?

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