Legal Question in Wills and Trusts in Illinois
Should I form a family corporation to become personally sue proof?
Asked on 6/12/17, 12:49 pm
2 Answers from Attorneys
Thomas Moens
Moens Law Offices, Chartered
There is no such thing as "sue proof." You can limit your exposure through various mechanisms. What is best for you depends on what kind of assets you are trying to protect and how much money you want to spend.
Answered on 6/12/17, 12:58 pm
Virginia Prihoda
Law Offices of Virginia Prihoda
Incorporating yourself could have unintended harsh tax consequences. Put property into a corporation, no problem. How do you get back your own property? In a taxable transaction.
Answered on 6/13/17, 2:28 pm
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