Asset Protection in Pennsylvania

[Account Closed]

In the short time that I have been on here, I have followed many discussions that touch upon asset protection. While doing some research on the topic, I learned that Pennsylvania does not have a homestead excemption. So before I push forward with REI, I want to learn the best methods for asset protection (especially primary residence) in Pennsylvania. I own my home free & clear and I don't want my hard earned equity getting lost in a lawsuit.

I am curious how other PA BP members deal with asset protection? 

[Jonathan Twombly]

@Account Closed 

There is a lot of discussion on these threads about piercing the veil of the LLC. Yes, this is possible. But this is really an academic discussion. In practice, it is very difficult to pierce the corporate veil. Courts don't like to do it. The plaintiff has a high burden to show that the defendant did not respect corporate formalities. Does it ever happen that a court pierces the corporate veil? Of course. Does it happen often? Not at all.

I don't say this just as a guy with an opinion.  I say it as someone who litigated cases for 12 years.  I've been on both sides of claims that the corporate veil should be pierced.  I never saw a successful one.