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Loren, Attorney
Category: Estate Law
Satisfied Customers: 33476
Experience:  30 years experience in the practice of estate law.
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Is it appropriate to set up a llc and have it owned by a trust?

Customer Question

Is it appropriate to set up a llc and have it owned by a trust? I own a sub s and had auto accident and later this year i have vibes that I will be sued. I am considering starting a new corporation and put it in name of a trust. Will that work and protect me?
Submitted: 2 years ago.
Category: Estate Law
Expert:  Loren replied 2 years ago.
Thank you for using JustAnswer. I am Loren, a Florida licensed attorney. I will do whatever I can to answer your question and provide you excellent service.
An LLC can be owned by a trust. Do you have liability insurance?
Thank you.
Customer: replied 2 years ago.
no i have set nothing up yet. I currently own a sub chapter s. Have had for over 20 years. I had an automobile accident [low impace collision] that the other party did not have pip and they used max on my Geico pip and sent Geico a letter asking for a list of disclosures from me financial and they specifically requested I cover the issue of the businesses i owned and a boat and other piece of property.
the other business and property is gone via an employee fraud and filed chap 13 in 2010. so i felt i should protect my current business as much as possible [it is small and loses money but will have development completed next year (computer software) and need to protect it.. In a discussion with my accountant he suggested starting an llc and moving my product to that company and having it owned by a trudt.
Customer: replied 2 years ago.
so can i set a llc up and have it owned by a trust?
Customer: replied 2 years ago.
are you there?
Expert:  Loren replied 2 years ago.
Thank you for the additional information.
Yes, having the product in development titled to an LLC would segregate it from personal assets and make it more difficult to attach for personal obligations.
Florida has less asset protections for single member LLC's than other states. So, the added layer of the trust or another LLC may be helpful.
I hope this is helpful. If you have any follow up questions feel free to post them. It is never a problem.
Thank you.
Expert:  Loren replied 2 years ago.
Did you have further questions? Have I answered your question?