Can I put my home in an LLC to protect it from a lawsuit?
Answer: Thank you for your question. This is a great question and one that I am asked frequently. LLC is a tool that is available to us for Asset Protection and if it is used correctly can be a powerful strategy. However, your resident should not be placed in LLC in most cases if not all. For the following reasons: 1) Each spouse has a 250K capital gain exemptions when the property is sold. Therefore a Husband and Wife can reduce their capital gain by 500K (there are certain