Legal Question in Real Estate Law in Illinois

Real Estate

My husband has recently gotten into the 'real estate game' and purchased a 2-unit he plans to rent out. He has not established a LLC, so as such OUR personal assets are at risk. Is there anything I can do to protect my interest in our family home in the event that something happens


Asked on 11/14/07, 10:18 am

3 Answers from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Real Estate

make sure your house is owned as tenants by the entireties or form a land trust.

email me if you have any questions.

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Answered on 11/14/07, 10:45 am
Mary McDonagh McDonagh-Faherty Law Offices

Re: Real Estate

Tenancy by the entirety will only protect you up to a certain amount of money under Illinois law. You need to set up a corporation for his business whether a corporation or LLC - it is cheap and safe.

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Answered on 11/28/07, 12:27 pm
Tony Kalogerakos Kalogerakos & Associates LLC

Re: Real Estate

It would also be safe to form an LLC, thus, eventually transferring everything over to the LLC, limiting your liability, and making the tax game more simple.

Contact us and we can help assist in preparing all the documents, etc.

Dan

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Answered on 11/14/07, 6:39 pm


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