All Forum Posts by: Lingo Lin

@Frank Chin thank you. What if their home was under a Florida Series LLC and the company under Series LLC #2 owned by his family trust in Florida

Given how Lawyers reacted after being told he moved to Florida then if someone lives in a state with terrible homestead protection laws in cases of lawsuit then the property should be owned in a state with great homestead protection and controlled by “the owner”.

I’m not a lawyer and am new to all of this, but would this make sense?

A lawyer that does not represent you (free advice online) will of course say no, as this would make their job harder in court.

I believe the same lawyer will advise their client a similar setup. I’m taking keywords out of the “legal advise” in previous threats...such as “I am not your lawyer”, which my gut tells me was code for “Since i’m not your lawyer i’ll tell you this, but if I was your lawyer i’ll tell you something totally different” :))

Am I on the right track?

@Thomas Rutkowski great point, thank you for the breakdown, very helpful.

@Jerry W. thank you will work with NY and NJ RE Attorney and CPA to make sure this all makes sense or if I should just keep it under personal name and “wing it”. A well-crafted additional insured endorsement on the insurance policy would be required (researched)

@Lingo Lin listening to: https://www.biggerpockets.com/blog/2015/02/12/bp-podcast-109/

@Ned Carey again I believe its better to have a vail than not. @Scott Smith has an option to consider, doing my homework on it.

@Scott Smith did this cause issues such as @Jason D. mentioned such as:

-losing capital gains exclusion

-losing writing off property tax and interest on your taxes

-losing any homestead exemptions

@Brian Ellis will do thanks, not concerned with inside liability (home insurance will cover that) its outside liability (suing my name and that lawsuit wiping out assets).

@Jason D. will cross check with Attorney, irrevocable or grantor trusts in conjunction with an LLC (researched) will help take it back to a possibly bad status? :)

@Jerry W. thats a lot of runaround for a lawyer, I just prefer that to standing out in the open? Less likely for a lawyer to continue the pursuit. I've done the research on insurance and if its under a Series LLC owned by Anonymous Family Trust they will cover it and it wont cost me a penny more for the coverage. It's not about hiding my name from IRS or Banks (thats not possible) its about hiding it from Lawyers and the average Joe looking for that low hanging fruit. As far as homestead laws in NY and NJ where I own property, NY is $82k-$165 single $165k-331k married, in NJ is Zero, ouch! Survivorship interest of a spouse in property held as tenancy by the entirety is exempt from creditors of a single spouse (but i'm married), a bit worried about property in NJ. Please understand I sleep well at night, this doesn't keep me up, I just like to tighten loose ends just in case. But further research is needed especially with insurance to make sure that absolutely nothing is affected if coverage is every needed due to it being in a Series LLC.

@Jason D. maybe so, additional liability for frivolous lawsuits is an option. The concern is when you have a nice property and your name is easily found on public records, there’s always those people looking for the low hanging fruit, if it looks like a maze to get to the owner, lawyers won’t bother.