Legal Question in Business Law in Indiana

LLC better than a Trust?

I am leaing toward an LLC to protect a modest windfall of liquid assetts. I want to protect me, my wife and son from creditors, taxes, and judgments or lawsuits on this modest amount and I want to make sure we can all be part of the LLC to avoid probate issues

Does this make sense?


Asked on 10/15/06, 5:14 pm

1 Answer from Attorneys
C. David DuMond Law Offices of David DuMond

Re: LLC better than a Trust?

You need to take some of the liquid assets from your modest windfall and confer with an attorney who is experienced in estate planning and asset protection. Anyone who contemplates devising a limited liability company as an asset protection and probate avoidance scheme is someone who will likely create a mare's nest of legal confusion that will increase liability and erode assets rather than reduce liability, decrease tax exposure and save assets. So, get thee to a lawyer. Good luck.

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Answered on 10/15/06, 5:34 pm


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