Legal Question in Real Estate Law in Illinois

Re: Home Ownership Classification

You might consider a land trust or a living trust. Either provide some protection, combined with insurance.

Re: Home Ownership Classification

There is no one vehicle all aset protection stragies are situational.

If you are married, you can put the property into tenancy by the entirties. That will protect you from evry body except the IRS or your spouse.

You could put the property in an irrevocable trust, that will protect yourself from everybody, but you no longer have the tax benfits.

You cold put the property in an LLC, but you lose control over the property.

There are many other stratagies, but there is no free lunch. You always give up something to get something.

Also, if you make a transfer with the express purpose of defeating your creditors, you can be sued for damages in excess of the amount of the aset.

Be very careful

eamil me if you have any other questions.