Protecting property

[Nomad.2nd]

I am (Within a matter of weeks)going to be looking for land to build a cabin/house on.

I do not intend to live there full time, although I do intend on living there 'several months out of the year'

I will be paying cash for the property, and paying cash for the house.

It will also be off the grid (I have no interest in giving right of ways to power companies, and as far out as I am looking, it would be cost prohibitive)



My Question:

Concerns 'protecting the property' from Divorce, legal actions etc.
(I am not married)

I had thought that by forming a General Partnership, with myself 'owning' 1% of the property (Limited partner), and forming a LLC to be the 'General partner'
(As 'it' would be the majority owner... and not exist excepting in a file, and as the 'owner', my thought was that I would only be able to loose 1% of the value of the property.)

It seems I may be incorrect b/c I would 'own' the LLC, and a court could decide to 'pierce the corporate vale'

Is this accurate?


What are my options?

I could do something like this:
http://www.howtobeinvisible.com/index.cfm/page/how-to-be-invisible/index.htm

Or I could just go to a Revocable Living trust, but I don't think it is as 'secure' as I want it. (Correct me if I am wrong)

I want the ability to sell it, so a Irrevocable trust is not the way to go.

Other options?

 

[Nomad.2nd]

Call me tonight. You are doing a bunch of stuff you don't need to worry about.

Will do.
That's what I mentioned I wanted to talk to you about last time we talked and you had to go.

RIch people do it, so there must be a way.

 

[ryan]

I think you could llc all of it and be ok. This is what I'm looking at doing for rental property

 

[Nomad.2nd]

I think you could llc all of it and be ok. This is what I'm looking at doing for rental property

Divorce... (You never know)

I plan on putting alot into this. Don't want to loose it .

 

[Nomad.2nd]

LLC is really all you need. REALLY rich people do it with prenups. Prenups, IMHO, indicate you shouldn't be getting married...

I've seen too many people 'Wig out' after 'X time' to trust 'what I know about someone's personality'


I don't mind spending a little for MORE security.

 

[ryan]

i think an llc would be protected from divorce? maybe im wrong.

 

[Nomad.2nd]

i think an llc would be protected from divorce? maybe im wrong.

From my research:

"Sometimes" and "In SOME states"

 

[DuckYou]

Just don't get married, and you will never have to worry about divorce!

Check with a real estate attorney, because the laws vary state to state, and probably judge to judge.

 

[madmax4x4]

Maybe look into an S-Corp over an LLC

 

[JadeRaven]

REALLY rich people do it with prenups. Prenups, IMHO, indicate you shouldn't be getting married...

Prenuptial agreements need not be terribly complex or expensive. Also, with >50% of marriages ending in divorce, one could argue that you'd be statistically stupid not to have one

 

[JadeRaven]

From my research:

"Sometimes" and "In SOME states"

Yeah this sort of thing is highly variable state to state and even locality to locality, so it would probably be in your best interests to consult an attorney.

 

[Nomad.2nd]

Yeah this sort of thing is highly variable state to state and even locality to locality, so it would probably be in your best interests to consult an attorney.

I plan to. I just like finding out what I can prior to, so I'm educated as much as possible.