QUESTION
If I transfer land to an LLC that I create will it still count as a personal asset?
Asked on Sep 15th, 2014 on Business Law - Louisiana
More details to this question:
I have just under an acre of undeveloped rural land in plaucheville, Louisiana. (Original family settlement saying back to the 1700's) I cannot have over $3,000.00 USD in personal assets. If I transfer ownership of this land to an Llc that I create will the land still count as a personal asset? Will the Llc be counted as a personal asset? Thank you in advance
1 ANSWER
It is possible for an asset to be considered personal for some purposes (e.g. in a divorce) and not for other purposes (a financial aid application.) In this case, however, I think you will have a personal asset for all purposes. Right now you own real property worth $X. If you form an LLC to own the land, you will own an LLC worth $X. Either way, you own more than $3,000 in assets.
Answered on Sep 15th, 2014 at 3:35 PM