Asset protection - doing LLC after someone sues me

[Swetha Ragavan]

Hi:

I am planning to rent my first property that I fully own. I am leaning towards 1 mil in liability insurance and 2 mil in umbrella as my rental asset is worth about 250k. I don't plan to do an LLC right now since I am just starting out. During a slip and fall incident if a renter sues me, as soon as I get the legal notice can I move my property to LLC or is it too late even then? I heard somewhere in this forum that you have time until judgement is passed to do that. Please advise.