How to best protect my assets?

[Sharad M.]

Hi guys,

I am going to be meeting my attorney in next few days, but I thought I ask BPers for some feedback and this way I can be better prepared to meet my attorney.

I own most of properties free and clear and currently they are under a few LLCs. I feel a little exposed with the current set up, so I have been thinking of moving them to separate Land Trust for each property and having a LLC as the beneficiary.

What are the benefits and drawbacks of doing this? Any feedback will be much appreciated.

Sharad

[Bryan H.]

Originally posted by @Sharad M.:

I have been thinking of moving them to separate Land Trust for each property and having a LLC as the beneficiary.

This has guru all over it. Best way to protect yourself is to run them like a business, maintain your properties and get an umbrella policy.

The LLC and trust will provide some anonymity, but any good lawyer will find you.

http://www.nolo.com/legal-encyclopedia/do-living-trusts-protect-assets-creditors.html

*Obligatory - this is not legal advice.