Hello and welcome to JustAnswer.
I would like to assist you with your question today.
The most common way that I see people accomplish what you are trying to do is to create a trust and have the house owned by the trust.
Is that the complete answer?
I can provide you with more information if you need it.
It costs about $300 to create an LLC. Will transferring the title to an LLC legally accomplish the same objective? I suspect it is much more expensive to create a trust.
Basically you set up a trust that has terms that restricts what your son can do with the assets, namely pay his creditors.
Depends who you have create it, but i would expect it to be in that ballpark.
who is going to own the LLC?
If your son owns it, then they can still attach and levy against it.
Our son. If a trust is set up, would it be in his name? We really don't want any involvement other than helping him to finance it.
Recently in some jusridictions courts have allowed creditors to levy against a single owner LLC
So what you are saying is that if the title to the property is in his name, the creditors can go after it whether he holds title or an LLC than he owns holds the title.
I'm saying that there is a possibility, currently some courts have decided that way, others have not.
And how would the trust be structured to keep the creditors away from it?
Where if you create a trust, call it the ABC trust and you can serve as the trustee, and make him the successor trustee. He would not own the trust, he would be the beneficiary of the trust.
He could pay the trust "rent" which would be turned over to you.
Ok. Thank you.
And upon your death he would become trustee. You can restrict what he can use the assets of the trust for. When you have it drafted express to the lawyer what your concerns are and he can best tell you how to address it.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).