1031 exchange guidelines

[Robert Caccire]

Property A (investment) is under contract for sale and has no LLC. Everything is under husband and wife's name. Does replacement property have to also be under husband and wife's name for it be considered a 1031? We are looking to do an LLC on replacement property but I think we can't do one because of the 1031 exchange rules, is this correct? If so, how can we protect replacement property since we will have almost 80% equity in new property? Are there any asset protection strategies we can use? Thanks.