Posted by chet on February 22, 2005 at 05:41:42:
Do you thin that a good attorney or private I, wouldn’t notice something that obvious?
if you want REAL privacy look att off shore trusts.
LLC’s ,Trust’s and Liens? - Posted by Paul Welborn,Jr.
Posted by Paul Welborn,Jr. on February 21, 2005 at 07:08:26:
It has come to my attention that the actual way that an LLC or trust gets its protection is by way of Liens or seconds. The concept being to mortgage for example a real property to the hilt to where it has no equity. If it has no equity, it is worth nothing ! The real question is, to place the property in an LLC or Trust. If it is in the LLC can the trust do liens or is it a holder of assets only.
Re: LLC’s ,Trust’s and Liens? - Posted by chet
Posted by chet on February 21, 2005 at 12:01:47:
This could be true on an individual as well. if you have 0 equity in all your assets, you’re pretty much judgement proof.
Asset protection w/ corps, llc, trusts come from it being a separate legal entity not liens and 2nds (not in my mind anyway.
Re: LLC’s ,Trust’s and Liens? - Posted by Paul Welborn,Jr.
Posted by Paul Welborn,Jr. on February 21, 2005 at 20:23:07:
Chet, you have made an excellent contact and person to brainstorm with and I would like to keep you as a contact. Next question however becomes, If a corporation is not in a “legal sense” a person or individual then what is it, think about it ! However it gets back to assets in LLC or trust and allow the other to do liening.
Re: LLC’s ,Trust’s and Liens? - Posted by Chet
Posted by Chet on February 21, 2005 at 22:22:55:
It is different than a person, it’s a legal entity. A trust is a legal entity, a DBA is not a legal entity it’s just a nickname given to an individual or a legal entity. LLC, Corp., trust, partnership, Limited partnership, etc. are all legal entities separate and apart from the individual. The one sort of exception to that is the flowthrough liability in a partnership.
As for the Lien question, you don’t even need to trust or the LLC. If all you want to do is have 100% LTV you can do that with properties held personally. Since there’s no equity, there’s nothing for person to sue for.
Feel free to keep me as a contact!
Re: LLC’s ,Trust’s and Liens? - Posted by Paul E. Welborn,Jr.
Posted by Paul E. Welborn,Jr. on February 22, 2005 at 04:17:04:
Yes but, As Bronchick would say. Record the mortgage and not the promissory note. The Promissory note makes it enforceable. You want to “appear” to be mortgaged to death without the payment thereof.