Family LLC and Liabilty Protection

A Family, LLC is an excellent asset protection vehicle in today's recession economy. I understand that we are hearing news of a better economy. Unfortunately, families, business owners, and real estate owners are facing an economy that is worsening.

Many are wondering how to resolve their credit issues and save themselves from bankruptcy. Unfortunately, many people do not want bankruptcy because they have worked hard to accumulate assets such as a personal residence, investment real estate, and certificate of deposits and liquid cash.

A Family, LLC is a business entity that is designed for two (2) purposes. The first purpose is asset protection. Asset protection is crucial because your assets are facing liability risks from unpaid mortgages, foreclosure(s), business creditors, and a variety of other liability concerns. A common question now is how do we protect our assets from liens and judgments. A family LLC combined with a personal land trust is a good way to protect your real estate from liens and judgments.

Often times, you can negotiate favorable settlements with your creditors if your assets are judgment proof. With a Family, LLC, a creditor has limited collection rights. Unlike a corporation, a Family, LLC cannot be foreclosed, which is important because your creditor has all the bargaining position. This forces you into settlements and financial distress. For many families, it also forces you into bankruptcy and even more severe times. If structured correctly, a creditor should not be able to penetrate your asset structure with a personal residence trust and Family LLC.

For more information, call Sean Robertson at (312) 498-6080 or (630) 364-2318.