From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 167443 Asset Protection Tip #3-Use an LLC If you have investment real estate, aside from insurance, moving it into a limited liability company (LLC) can be an effective way to protect your assets. A properly operated LLC can limit inside liabilitywhere the property is the source of the liability, such as a slip and fall. Generally an LLC limits inside liability to the value of what the LLC owns. A properly operated LLC can also limit outside liability- where the debt is the LLC’s member and not the LLC itself. Generally, a creditor of an LLC’s member cannot access the assets inside the LLC to satisfy a judgment for the member’s personal debts. Instead, the creditor is limited to the member’s share of the distributions, commonly known as a charging order. Combining an LLC with other asset protection tools, such as an irrevocable trust, can provide more protection. Schedule an appointment to learn more. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 167443 Asset Protection Tip #3-Use an LLC If you have investment real estate, aside from insurance, moving it into a limited liability company (LLC) can be an effective way to protect your assets. A properly operated LLC can limit inside liabilitywhere the property is the source of the liability, such as a slip and fall. Generally an LLC limits inside liability to the value of what the LLC owns. A properly operated LLC can also limit outside liability- where the debt is the LLC’s member and not the LLC itself. Generally, a creditor of an LLC’s member cannot access the assets inside the LLC to satisfy a judgment for the member’s personal debts. Instead, the creditor is limited to the member’s share of the distributions, commonly known as a charging order. Combining an LLC with other asset protection tools, such as an irrevocable trust, can provide more protection. Schedule an appointment to learn more.
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