what or whose name does this go under?a trust,a corp ?
2006-06-17 12:58:10 · 6 answers · asked by dlbonhomme 1 in Business & Finance ➔ Renting & Real Estate
It's protection for your other assets. If someone falls or hurts themselves at your property, they can sue you for not only your home, but all of your assets. If you have your property in a trust, they can go after the trust, but maybe not you.
In my experience, I have my rentals in LLC's - this way anyone who sues me can get whatever's in the LLC, but cannot go after me personally (so my CPA and attorney tell me).
2006-06-17 17:31:56 · answer #1 · answered by trblmkr30 4 · 1⤊ 0⤋
Depends on how much you are worth, and I don't mean that in a spiritial way. The average person will not benifit from filing as a corporation, but if your assets are worth more than a million, then that is where you would benifit from becoming a corp. Seek out a CPA for more on this.
2006-06-17 20:05:03 · answer #2 · answered by rex_rrracefab 6 · 0⤊ 0⤋
The reason to do this is if you get sued they can't touch your property. And yes you can put it in a trust. It is a simple process. But if or when you refinance you will have to temporarily remove it from trust.
2006-06-18 10:20:00 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Sounds like you were given advice from someone that finds it necessary to conceal assets. And this is often a result of knowing they are the object of a civil suit, civil investigation or criminal investigation, or they are trying to circumvent tax obligations. Get a second opinion.
2006-06-17 21:30:47 · answer #4 · answered by nothing 6 · 0⤊ 0⤋
Hopefully your friend was reffering to a trust. it is a lot easier for your family or whoever to obtain your stuff through a trust rather than a will.
2006-06-17 22:24:50 · answer #5 · answered by ohnoslen 3 · 0⤊ 0⤋
Whoever told you this is full of crap.If you buy property and put it in someone elses name, they own it and not you.
2006-06-17 20:03:28 · answer #6 · answered by vze4h35z@verizon.net 3 · 0⤊ 0⤋