Legal Question in Real Estate Law in Nevada
Putting House into an LLC and Living trust
How would I go about protecting my house from any personal claims. I was think of forming a LLC soley to to put my house into then putting it into a trust. Is that the best way and how would I go about forming a living trust?
Thank you for your responses.
Asked on 2/23/04, 12:29 pm
1 Answer from Attorneys
Paul Malikowski
Malikowski Law Offices, Ltd.
Re: Putting House into an LLC and Living trust
The Nevada Homestead exemption from (most) creditors' claims has been increased to $200,000, effective October 1, 2003. An asset protection plan which proposed to waive that right by retitling a personal residence to an LLC or other entity might be very unwise.
Answered on 2/23/04, 1:55 pm
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