Assest protection and Privacy in Illinois

[Robert Hursey]

I am curious how investors in Illinois approach asset protection and privacy protection since an LLC costs $500 as opposed to the $50-$100 in most states. I am aware of the power an Illinois Land Trust provides for privacy, but this is not asset protection. I am also aware that an umbrella insurance policy is my first line of defense. It seems Illinois makes it difficult to create layers of protection. What am I missing?

[Cody Backus]

This is what Asset Protection lawyers do! You really should reach out to one in your area. They can advise you on how to structure these things to accomplish your goals. The cost is likely less than you would expect and is worth its weight in gold. There are layers and layers of analysis and critical decisions in the questions you have both posed and how it should all connect together and layers of complications that you are not even considering. Don't try and do this on your own.

First rule you already broke was thinking about putting a rental property into an S-Corp. Bad idea. Note from your IRA, be very careful about restricted transactions and see that you know exactly how this should be done. Loaning money to minors... laced with complications. Seek professional help.