[WSBAPT] Ownership of home In LLC?

[Teunis J. Wyers]

Also consider the estate planning consequences, and discuss that with the
CPA.  The client may lose the stepped-up basis on death on real property
transferred to an LLC.  The purchase of a big umbrella policy may be a
simpler solution, and in the long run less expensive.

On Wed, Dec 7, 2016 at 5:37 PM, Roger Hawkes <Roger at law-hawks.com> wrote:

> Josh: talk to their tax accountant to be sure it does not complicate
> things; but yes, for liability protection holding assets in a corp or llc
> protects the other assets from exposure to damage claims, unless the claim
> is on account of some tort behavior of the individual; then all assets of
> the individual are exposed.
>
>
>
> Roger Hawkes, WSBA 5173
>
> 19909 Ballinger Way NE
>
> Shoreline, WA 98155
>
> www.hawkeslawfirm.com
>
> 206 367 5000 voice
>
> 206 367 4005  fax
>
>
>
> *From:* Josh Grant [mailto:jgrant at accima.com]
> *Sent:* Wednesday, December 7, 2016 3:26 PM
> *To:* wsbar trust
> *Subject:* [WSBAPT] Ownership of home In LLC?
>
>
>
> I have a client who has a large business, fully insured, however the
> activity has a potential for substantial liability (environmental,
> accidents to workers).  It is owned as a sole proprietor by client with his
> wife.
>
>
>
> He and his wife owns some real property including a family home.
>
>
>
> It would be difficult to transfer everything in the business into an LLC.
> because of the nature of the assets.  Same with transferring everything
> into a Corporation.  Also he may sell the business in a year or so.
>
>
>
> He is hoping for some reduction in risk exposure to his  nonbusiness
> assets.
>
>
>
> I have told him that their isn’t  a lot of protection available, however,
> an LLC might be helpful (create a small barrier) for a business related
> claim, if for some reason he doesn’t have enough insurance.
>
>
>
> Is there a problem if he puts the real property he and she owns in an
> LLC?  Would it provide any protection to their assets? Other suggestions?
>
>
>
> Josh Grant
>
>
>
> Joshua F. Grant, PS
> Attorney at Law
> P. O. Box 619
> Wilbur, WA 99185
> tel 509 647 5578
> fax 509 647 2734
>
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-- 
Teunis J. Wyers @ Wyers|Wyers, Attorneys
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