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Updated over 13 years ago,
Putting property in an LLC
I have just inherited a few homes that are paid off from a deceased family member. They are all in horrible disrepair. One of the properties was torn down while in a trust. The person in charge of the trust did not pay the taxes for this property for six years. I can't even give this lot away due to the back taxes. I do not have the money to pay the taxes either. I inherited my biggest nightmare. Had I known this, I would never have taken the houses. If I place the empty lot in an LCC will this protect me from any legal issues that might come along? My attorney swears to me that I will be safe, but he is also the person who gave me this nightmare. Also, the city has yet to send out a bill for the tear down of the property. Will the LLC protect me from this also?