<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div>One issue I don't think has been touched on in this thread is the due on sale clause if the house is mortgaged. </div><div id="AppleMailSignature"><br></div><div id="AppleMailSignature">The Garn-St. Germaine federal exemption for transfers of primary residences to revocable trusts does not cover transfers to LLCs. </div><div id="AppleMailSignature"><br></div><div id="AppleMailSignature">John Sullivan<br><br>Sent from my iPhone</div><div><br>On Dec 7, 2016, at 3:25 PM, Josh Grant <<a href="mailto:jgrant@accima.com">jgrant@accima.com</a>> wrote:<br><br></div><blockquote type="cite"><div>
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<div><font size="4">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.</font></div>
<div><font size="4"></font> </div>
<div><font size="4">He and his wife owns some real property including a family
home.</font></div>
<div><font size="4"></font> </div>
<div><font size="4">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.</font></div>
<div><font size="4"></font> </div>
<div><font size="4">He is hoping for some reduction in risk exposure to his
nonbusiness assets.</font></div>
<div><font size="4"></font> </div>
<div><font size="4">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.</font></div>
<div><font size="4"></font> </div>
<div><font size="4">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?</font></div>
<div><font size="4"></font> </div>
<div><font size="4">Josh Grant</font></div>
<div><font size="4"></font> </div>
<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">Joshua F.
Grant, PS<br>Attorney at Law<br>P. O. Box 619<br>Wilbur, WA 99185<br>tel 509 647
5578<br>fax 509 647 2734<br></div></div></div>
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