Looking to transfer my 3 properties in Minnesota to LLC's

[Adam Sanders]

I am ready to move my properties into individual LCC's for asset protection. Looking for a local expert in Minneapolis that can walk me through the process.

[Pavel U.]

@Adam Sanders I'm not an attorney, but I'll share my experiences. First, if you have mortgage on those properties, moving from your name into an LLC might trigger a clause where mortgage company might ask you to pay off your loan. Mine didn't but you never know. Otherwise the process is pretty simple and the paperwork is called Quit Claim deed. To take it (asset protection) a step further, and your house is paid off, you can setup an LLC to be the "Bank", and create a promissory note between LLC that holds the property, and the LLC that's the bank, promising to pay x number of dollars, ie what you bought the house for. In case of a lawsuit that "Bank" LLC will need to be paid first. An attorney was helping me with that setup many years ago. One more thing, your insurance rate will go up significantly if the house is in LLC instead of your personal name. Good luck.