Some other attorney is asking us to assign the LLCs to our living trust for asset protection. Will this protect against liability?
Estate Planning and Asset Protection for Rental Property Owners
We have rental properties under LLC and have LLC accounts separate, and everything run as an LLC. Some other attorney is asking us to assign the LLCs to our living trust for asset protection. Will this protect against liability inside the LLC?
Question ID: 6604276 Status:
Open Feb 19, 2025 - 12:30 PM
1answer
Answer
Feb 19, 2025 - 12:30 PM
The only additional asset protection that would be acquired is if the membership interest was assigned to an asset protection trust, which is not the same as the revocable living family trust. A revocable living trust is not going to additionally protect the asset. Remember, we talked about protection only from probate being used in that scenario.
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