Asset Protection Strategies

[Robert Duffer]

Hello everyone,

I have heard varying opinions from many friends about asset protection as related to real estate. To get an LLC or "no" LLC is the most common thread of discussion. I thought - why not ask the question on BP?

I was wondering if anyone had strong opinions on the approach to getting an LLC or not to protect assets...(?)

These are interesting times we live in which also weigh into the equation for multiple reasons...

Any thoughts, strategies on feedback would be greatly appreciated!

Thanks in advance.

Sincerely,

Rob

[David Disraeli]

It costs just as much to form a TX Series LLC as it does a regular one so I am not sure about the logic of not doing it. LLC's DO NOT save any income tax = ask any reputable CPA. They are "pass through" entities. Any gains or losses are reported on the owner's 1040 schedule "E" just as they would be otherwise. One caveat, you have to know what you are doing to set up an LLC as a series. The TX SOS will NOT help you and there is no tuturial. I have done dozens and dozens. Some anonymously.