I was fortunate enough this Christmas to have the family cabin and hunting grounds given to me and my siblings as a present, due to my parents wanting to pass on the tradition and down size so they can focus their efforts on creating their retirement home. My two other siblings are in agreement that we all want to keep the property, and we had discussed possibly doing an LLC. God forbid someday one of us falls on hard enough times that our assets would be gone after, but we just want to be prepared for the worst. I was wondering if any of you are familiar with this and if it would be a good route to go or not? My initial look into an LLC in wi came up with info that said even if it was in an LLC it doesn't necessarily prevent a creditor from acquiring the members ownership in an LLC. Not sure if this is the case though, as I think it varies from state to state. Any insight would be appreciated.
I think you mind is in the right place. Best thing to do is have everybody involved meet with an attorney and discuss pros and cons and alternatives. It won't cost much and it will be worth it.
You are on the right train of thought. A LLC will protect all your personal assets as it acts as a separate entity. You best starting point in to contact a lawyer specializing in business formation to set up a meeting. Discuss the pros and cons of all the different business formations for what you are wanting and go from there. Your neighborhood Bow Hunter
I am in the process of researching the pros and cons of life estates after talking to an attorney. Recently bought a river property for waterfowl and want it transferring easily. Good blog on llcs: LLC's & LLP's Archives -
In the info I found it says in WI the creditor has the ability to force foreclosure on the LLC which would force the person to sell their shares in the LLC as a result of their personal debt. WI is some of the more unfriendly states in terms of the protection an LLC provides. But not entirely sure I can trust this information being that its from the trustworthy web... probably better off talking to an actual lawyer.
