protect interest real property advice law advice insurance advice community law advice case evaluation ask lawyer amp legal topics legal topics accident law bankruptcy law business law criminal law employment labor law estate planning family law financial law general practice government law immigration law insurance law intellectual property litigation malpractice law personal injury real estate law tax law small claims admiralty maritime aviation law estate planning topics estate planning topics estate planning basicswillstrustsprobateasset protectionliving wills power attorneyelder law advice law advice estate planning asset protection current protect interest real property written freeadvice staff imagine creditor trying money disposal copies deeds taxes paid real property public records look county courthouse property appraisers keep records include layout property value fixtures fairly accessible records available internet absolutely ways keep public view land trusts land trust device allows put property name person company bank keeping name public records looking records know owns property sold times sold land trust essence shields identity trust closed trustee duty keep records may way owner land trusts states difficult laws rsquo specifically authorize check real estate attorney state determine setting trust feasible live living trusts difficult impossible land trust state living trust may suffice trustee aware living trusts recorded private land trusts corporations times corporation owns piece property stock corporation sold record price paid purchaser states corporations disclose officers directors names stockholders buying piece property arrange seller convey corporation transfer stock may tax considerations involved sure discuss accountant state corporation harder limited liability companies llc limited partnerships lp best ways hold real property strong asset protection benefits owner llc liable debts business acts employees wrong personally llc taken away long set correctly sure obtain advice real estate business attorney accountant days simple start llc states cases online property limited partnership property protected claims partner claim unrelated business underlying reason unfair partners partnership dissolved property seized acts control asset protection purposes lp usually called family limited partnership flp lp flp partnership agreement persons limited partner right control business liability debts partnership general partner partners controls business assets liable partnership debts limited partners share say operation share profits percentage ownership general partner decides distribute profits creditor limited partnership obtain called ldquo charging order rdquo lien limited partnership interest entitles creditor profits distributed partner flp general partner decide distribute profits lien creditor may pay share taxes profits lp profits distributed foreign trusts setting trust overseas fallen favor years trusts viewed courts formed illegal intent defeat creditors rsquo claims look shady benefits detailed discussion benefits drawbacks foreign trusts see ldquo foreign trusts offshore entities protect assets rdquo view related protect articles view article estate planning legal topics estate planning attorney ask lawyer looking social read articleshow protect personal residence protect interest real propertyprotecting assets elderly disabled conservatorshipprotecting wages creditorsprotecting creditors businessremarriage estate planning overview select practice area adoption support amp child custody arbitration aviation maritime amp boat accident banking bankruptcy business car accident civil rights amp ada collection construction contract copyright ip amp trademark criminal dui dwi divorce education law elder law employment environmental estate planning franchise general practice government healthcare nursing abuse immigration insurance international juvenile landlord tenant legal malpractice lemon law libel amp slander litigation medical malpractice military patent pensions amp benefit personal injury product liability railroad accident real estate securities sexual harassment small claims social security disability sports amp entertainment tax technology amp internet wills amp probate worker compensation wrongful death topics select state alabama alaska arizona arkansas california colorado connecticut delaware district columbia florida georgia hawaii idaho illinois indiana iowa kansas kentucky louisiana maine maryland massachusetts michigan minnesota mississippi missouri montana nebraska nevada hampshire jersey mexico york north carolina north dakota ohio oklahoma oregon pennsylvania puerto rico rhode island south carolina south dakota tennessee texas virgin islands utah vermont virginia washington west virginia wisconsin wyoming asset protection asset protection planningwhat protect asset protection techniquesfraudulent transfer rules illegal
How to Protect Your Interest in Real Property Free Advice Law Advice Insurance Advice Community Law Advice Free Case Evaluation Ask a Lawyer Q amp A Legal Topics All Legal Topics Accident Law Bankruptcy Law Business Law Criminal Law Employment Labor Law Estate Planning Family Law Financial Law General Practice Government Law Immigration Law Insurance Law Intellectual Property Litigation Malpractice Law Personal Injury Real Estate Law Tax Law Small Claims Admiralty Maritime Aviation Law Estate Planning Topics All Estate Planning Topics Estate Planning BasicsWillsTrustsProbateAsset ProtectionLiving Wills Power of AttorneyElder Law Free Advice Law Advice Estate Planning Asset Protection Current Page How to Protect Your Interest in Real Property Written by FreeAdvice Staff Imagine a creditor trying to find out how much money you have at your disposal Copies of deeds and the taxes paid on real property are public records that anyone can look up at the county courthouse Sometimes property appraisers keep records which include the layout of your property and the value of your fixtures also fairly accessible Many of these records are available on the Internet absolutely free There are ways however to keep this information out of the public view Land Trusts A land trust is a device that allows you to put your property in the name of another person company or bank keeping your name out of the public records No one looking at the records will know who actually owns the property how much it sold for or how many times it sold A land trust in essence shields your identity Once the trust is closed the trustee has no duty to keep the records so there may be no way to find the owner Land trusts can be used in most states but in some it is more difficult than others because the laws don rsquo t specifically authorize them Check with a real estate attorney in your state to determine whether setting up such a trust is feasible where you live Living Trusts If it is difficult or impossible to use a land trust in your state a living trust may suffice Someone other than yourself should be the trustee Be aware however that sometimes living trusts are recorded so they are not as private as land trusts Corporations Often times if a corporation owns a piece of property stock in the corporation could be sold with no record of the price paid or who the purchaser is In most states corporations must disclose their officers and directors but not the names of their stockholders If you are buying a piece of property you could arrange for the seller to convey it to a corporation and then transfer the stock to you There may be tax considerations involved so be sure to discuss this with your accountant If you use an out of state corporation that could make it even harder to find you Limited Liability Companies LLC and Limited Partnerships LP These are two of the best ways to hold real property because they have strong asset protection benefits As the owner of an LLC you are not liable for the debts of the business or the acts of employees And if you do something wrong personally your LLC cannot be taken away from you as long as it is set up correctly Be sure to obtain advice from a real estate or business attorney or an accountant These days it is very simple to start an LLC in most states In some cases you can even do it online If you own your property as a Limited Partnership your property will be protected from the claims against one partner if the claim is unrelated to the business The underlying reason is that it would be unfair to the other partners to have the partnership dissolved or property seized for acts over which they had no control When it is used for asset protection purposes an LP is usually called a family limited partnership or FLP An LP or an FLP is a partnership agreement between two or more persons in which at least one of them the limited partner has no right to control the business and no liability for debts of the partnership The general partner or partners controls the business or assets and is liable for the partnership debts The limited partners own a share but have no say in the operation They can share in the profits according to their percentage ownership if the general partner decides to distribute profits All a creditor can do against a limited partnership is obtain what is called a ldquo charging order rdquo which is a lien against the limited partnership interest It only entitles the creditor to any profits distributed to the partner but in a FLP the general partner can decide not to distribute any profits And with the lien the creditor may have to pay a share of the taxes on the profits of the LP even if no profits are distributed Foreign Trusts Setting up a trust overseas has fallen out of favor in recent years because such trusts have often been viewed by the courts as being formed with an illegal intent to defeat creditors rsquo claims Although they look shady there are some benefits For a more detailed discussion of the benefits and drawbacks to foreign trusts see ldquo Foreign Trusts and Offshore Entities To Protect Your Assets rdquo View Related What Can You Protect Articles View the Next Article Estate Planning Homepage All Legal Topics Find a Estate Planning Attorney Ask a Lawyer Didn't find what you were looking for Make it Social Must Read ArticlesHow can I protect my personal residence How to Protect Your Interest in Real PropertyProtecting Assets of the Elderly or Disabled with a ConservatorshipProtecting Your Wages from CreditorsProtecting Yourself from Creditors When You Own a BusinessRemarriage and Estate Planning An Overview Select Practice Area Adoption Support amp Child Custody Arbitration Aviation Maritime amp Boat Accident Banking Bankruptcy Business Car Accident Civil Rights amp ADA Collection Construction Contract Copyright IP amp Trademark Criminal DUI DWI Divorce Education Law Elder Law Employment Environmental Estate Planning Franchise General Practice 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