LLC And Asset Protection Question
Hi all. I have a quick ,hopefully ,question regarding LLC's and Asset protection. I just set up my LLC and am getting ready to do the land trusts of my properties. I will have the LLC as the trustee and me as the beneficiray. Ok my question is this. I am doing this for asset protection, so obviously I don't want people to know who owns the property. However, people will know who owns the LLC. The LLC itself is what protects me correct? I mean say a resident slips and falls and the attorney finds out somehow that the trustee is the LLC, and that I own the LLC. The get a subpeona to release the name of the beneficiary that is also me. Can't the attorney just go after me once they find all that out? . Is there a way for me to hide who the owner of the LLC is also?Maybe I am making this more complicated than it has to be lol. I appreciate comments or advice
Joe
[addsig]
You should never have the trustee and the benficiary be the same people or entities, this could invalidate the land trust altogether.
The trustee is public information. Some use lawyers as the trustee as it is one more pain for litigating lawyers to deal with another lawyer. I use my LLC as the benficiary on my trusts with a lawyer or relative as the trustee (relative with a different last name)
BNorton, when someone successfully gets money from the umbrella policy, how much does your premium go up for the umbrella policy? I have yet to get one and it scares me to have a big easy target like that out there if it's going to cost a lot more anytime someone successfully gets to it.
I have no idea how much it goes up if you have a claim. Obviously, that is going to depend on the claim, and the insurance company. But, what would you rather have a higher insurance premium, or to be renting because someone got all of your assets?
Didn't mean anything negative, I'm just curious if anyone has had their umbrella attacked and what they experienced with increases.
Don't worry Ray, I didn't think you did mean anything negative. I was just putting it in perspective.