Posted by chris on April 06, 2000 at 07:31:59:
i am relatively new at this too, but i thought that the best way to structure the deal is to set up a land trust,e.g., 123 home, set up an LLC, and let the LLC be the beneficiary. assign someone else, a friend, to be the trustee. this way, if someone slips and falls at the property in question and decides to sue, and the lawyers find out that you set up a land trust on the property, they can’t sue you for everything you have. they would have to sue the LLC because it is the beneficiary, and your other belongings are protected.
someone please correct me if i am wrong here.