I have two free and clear properties under my IL LLC, i am planning the leave the US and want to move them out of my name by giving a friend of mine complete control and ownership over them. We don't want to do a sale in the US. By giving him those properties he will give me a part of his overseas business. In addition we want to hide all the information about the ownership. What we came up with is: ... We move them to a land trust / even maybe off shore one. Create one LLC to manage the properties and deal with tenants / code enforcement and etc. and have a different company as beneficiary / owner. Ideally we want the beneficiary to be somebody overseas as well. What is very confusing for us is: We will collect rents in the US, we will have to submit tax returns and etc. Who needs to do that considering the beneficiary will be overseas company? In addition can those properties just disappear from my name without dealing with IRS? What needs to happen with code enforcement since we are not doing a sale but then a new LLC is involved in managing the properties. If somebody can clarify those for me it will be highly appreciated. Thank you
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