QUESTION
Does a husband and wife real estate rental multi member LLC give you better asset protection than a single member LLC?
Asked on Jan 23rd, 2013 on Bankruptcy - Arizona
3 ANSWERS
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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No.
Answered on Apr 05th, 2013 at 4:07 PM
The benefits of asset protection in Nevada are the same whether you have a single or multi-member LLC. If you have a trust, the trust would be the member of the LLC. If not, you should set up a trust to avoid probate.
Answered on Jan 29th, 2013 at 8:54 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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No. Talk to a good estate planning attorney. But if you are thinking about bankruptcy - you must immediately talk with a good bankruptcy attorney. I assume bankruptcy is on your horizon because that is the category that you chose when asking this question. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Jan 28th, 2013 at 8:31 PM