LLC protection, theoretical vs practical
Lawyers and REI give the advice to use LLC's to protect properties. And to have separate LLC's (or separate series in series LLC) for each property or at least small groups of properties. I myself have followed this advice and have LLC's for my properties.
However, can anyone share a story or a direct knowledge of someone else where the LLC truly did protect them and from other properties. In other words, if not for the fact that they used LLC's, they might be bankrupt or have lost other properties. So not just you were sued, you were sued, lost, got a judgement more than the value of your insurance policy, and more than the equity in the property. To be fair, we are talking about legitimately run, adequately insured investment properties.
I feel the LLC's entity protection are caked more in theory than actual practical business. I might think differently if someone can give an actual example where LLC's really saved them.