<div dir="ltr">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.</div><div class="gmail_extra"><br><div class="gmail_quote">On Wed, Dec 7, 2016 at 5:37 PM, Roger Hawkes <span dir="ltr"><<a href="mailto:Roger@law-hawks.com" target="_blank">Roger@law-hawks.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">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.<u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">Roger Hawkes, WSBA 5173<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">19909 Ballinger Way NE<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">Shoreline, WA 98155<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><a href="http://www.hawkeslawfirm.com/" target="_blank">www.hawkeslawfirm.com</a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><a href="tel:206%20367%205000" value="+12063675000" target="_blank">206 367 5000</a> voice<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><a href="tel:206%20367%204005" value="+12063674005" target="_blank">206 367 4005</a> fax<u></u><u></u></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> Josh Grant [mailto:<a href="mailto:jgrant@accima.com" target="_blank">jgrant@accima.com</a>]
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<b>Sent:</b> Wednesday, December 7, 2016 3:26 PM<br>
<b>To:</b> wsbar trust<br>
<b>Subject:</b> [WSBAPT] Ownership of home In LLC?<u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">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.</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">He and his wife owns some real property including a family home.</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">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.</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">He is hoping for some reduction in risk exposure to his nonbusiness assets.</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">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.</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">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?</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Calibri","sans-serif";color:black">Josh Grant</span><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";color:black">Joshua F. Grant, PS<br>
Attorney at Law<br>
P. O. Box 619<br>
Wilbur, WA 99185<br>
tel <a href="tel:509%20647%205578" value="+15096475578" target="_blank">509 647 5578</a><br>
fax <a href="tel:509%20647%202734" value="+15096472734" target="_blank">509 647 2734</a><u></u><u></u></span></p>
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