QUESTION
how to keep home safe from creditors
Asked on Apr 03rd, 2016 on Business Litigation - Pennsylvania
More details to this question:
Another property we own jointly (hus/me)has contaminated soil we cannot afford the remediation. How can we protect our jointly owned home from the state if they decide to go after it.
1 ANSWER
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Transferring the bad property into an LLC might help insulate your home from liabilies arising from the bad property. You'll have to pay to have a deed prepared, the recording fee for the deed and realy transfer taxes in order to do this. For example, on a property worth $50,000 -- it'll likely cost you $1,500 to make this transfer. That doesn't include the cost of forming the LLC.
Answered on Apr 08th, 2016 at 11:03 AM