For estate planning and asset protection, what is best to do?

In my state, most folks are trying to avoid the costly and long probate process which can be done with a Trust.

But, you really need to talk to an attorney in your area that can look at all of your assets, assess your goals, etc and give you specific advice.

There are many different ways of achievig your goals - some are more expensive than others depending on how complex you want to make it. I believe in keeping it simple. If you are married, you and your wife can gift certain limits each year to your children, that increase annually. Of course, the issue with most parents is giving up control. There are also Famly Limited Partnerships, Trusts, and other transfer vehicles. These may require more costs in set-up, tax prepreparation, and other costs. I recommend that you meet with your probate attorney and a tax attorney to discuss your goals and the annual expected costs of ALL alternatives, as well as the pros and cons of each, so you can make your own decision. Good luck.

You should go see an estate planning attorney who specializes in estate planning. Based on the minimal information you have provided, I would suggest an LLC for each of the rental properties, and 2 revocable living trusts for you and your spouse. However, there are several additional facts that could influence these recommendations.