All Forum Posts by: Lyle Levine

I currently own one condo in an apartment building, with the plan to add more properties soon. How do you all protect yourselves from potential lawsuits? Do you put your properties in a trust? LLC? Something else? And if you have multiples, do you keep them together or separate (establish a new LLC for each property)?

Thanks in advance for the feedback!

Get an insurance policy. No need to do all the other hoopla on one asset or a few -all it does is cost you money and 99.9% of times people have no clue to run a proper LLC. Case and point, an LLC is completely separate from you. You transfer the deed to the LLC. Do you transfer all your properties for free to others while still paying the mortgage? Hmm. I doubt you do, then does that seem like an arms length transaction. The proper way would be to SELL it to your LLC, which includes a real cash transaction....
Note: Not an attorney

Depending on type of trust, living trust is for passing stuff down, the other trusts for anonymity in 2024 you will need to disclose who you are anyways and unless you are a family member of Adam Levine then why do you need to hide your identity. No one cares.

Thanks Chris. Not trying to hide or anything, just trying to protect myself. I do already have insurance, but my concern is if something horrible happens, I can be sued and potentially have to pay a significant sum from my personal assets. Wouldn't having the unit in an LLC or trust protect me?

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New York City, New York

Hi All,

Thanks in advance for the feedback!

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New York City, New York

All Forum Posts by: Lyle Levine

Lyle Levine has started 1 posts and replied 2 times.

Post: Trust vs. LLC

Post: Trust vs. LLC