- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investing
I think you have it backwards. I admit I'm not familiar with Washington law, but I know some states provide protection for a primary residence in case of a judgement. If you put a house into an LLC, then you no longer own it, and thus you lose the protection. Also, the asset doesn't disappear. Your personal asset is now the ownership interest in the LLC, which can be seized in a judgement. Since it's not owned by a person, it isn't qualified for home exemption, senior exemption, or whatever similar benefits exist in your state. If you have already done some act, hiding your assets to avoid paying a judgement could be considered fraud and get you put in jail.
‎July 15, 2020
12:49 PM