Posted by Bill Gatten on April 26, 2000 at 20:23:07:
IDEALLY (for virtually perfect protection) you’d have a third-party unrelated corporation as a trustee…either a trust company or a non-profit trustee corporation. And your beneficiry interest would best be held in a limited Parntership with you as a 10% general partner (your wife, kids, and that brother-in-law someone mentioned would make great limited partners). Now you’re virtually “bullet proof.”
For the sake of expense, an LLC may be easier to set up and will “probably” provide about the same degree of protection against creditors. I’m told the simplest is a Delaware LLC–only requires one particpant (may be true in Nevada too), and most companies that set them up will charge you about $100.00, plus filing fees for the whole enchilada.