Originally posted by @Seth White:
@Garrett Diegel Thanks Garret. Why would I not be protected from liability if I move the title from my name to an LLC? My preference would be to just get a landlord policy and then an umbrella policy, but we were worried the landlord policy would be a problem with Wells Fargo (lender).
In the situation I was talkin about what happens is someone moves a property to be titled under the LLC for asset protection. Then they also use the same LLC to rent and deal with the tenants in the property. So, if the tenant sues you (the LLC) for whatever reason the property is an asset of the LLC and can be attacked. If they sued the LLC and the asset was in your personal name or another holdings LLC the protection would apply.
Again, I am not an expert in this. Just trying to help where I can with what I have learned. Always, always, consult with an attorney to be sure of the asset protection plan you want to impliment. If you find out anything contrary to what I said please let me know so I can learn something as well.
