Using an LLC to Protect Real Estate Holdings from a New Spouse

Ilyce answers a question on using a limited liability company (LLC) as an estate planning tool to pass a home to a descendant and protect it from his new spouse. A couple wants to give their son a house as a gift before he gets married, so they plan to create an LLC with themselves and their son as owners and file a quitclaim deed to the LLC so that all three members of their family own equal shares of the home through the LLC. Part of their motivation is to protect their son’s ownership stake in the home from his future wife. But an LLC may not be the best estate planning tool for this purpose. Watch this episode of Big money Real Estate to find out what Ilyce suggests this family consider doing instead to protect their son’s interest in the real estate gift they’re giving him. And check out Ilyce’s Intentional Investor Series to learn everything you need to know to become a successful investor in real estate. Looking for more of Ilyce’s real estate and personal finance tips? Read her blog, see her tweets and follow her on Facebook.
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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.