Protecting a house as a O/O

That would be the point in legally transferring the house to a kid or a trust in the kid's name. You will no longer be able to claim it as your house, borrow against it, or sell it, maybe that doesn't work with a physical asset like a house though.
To the OP, when you get a definitive answer from someone other than air ride seat lawyer let us know what they say about this whole thing.

 

The best advice. Talk to an attorney. All the advice on here will be great. But none of us are legal experts.

 

Attorney is $125 for consult. Money well spent.

Even talk to two, and don't tell them about each other.

When they both give you the same advice, chances are it's probably good.

 

I'm no lawyer but a trust is for when your dead. Unless you do irrevocable trust. You give up power and any ownership to your house basically. You can't change anything. You might as well sell it to you kids or family or wife if you both have separate money. I think like other post hiding assets are illegal and if they can undo that stuff with a court order if they think some is doing that. Just move to Florida or state the the house is always safe from creditors

 

There is a big difference between hiding and protecting

 

Won't someone lose control of their house if you put in a irrevocable trust ? If someone has lots of money an and extra house or two. They would setup a trust. Put a house in the trust and fund the trust. Say something has summer home on the beach. You put it in a trust for the family and fund the trust. The summer beach house is not yours anymore. It's protected in the trust. You or family can go use all you want but you never get the beach house back as something you own or use it as credit. If someone only has 1 house seems like bad idea. I would like to know if it can be done and still keep your house for the average person. If someone has millions of dollars almost anything is possible if you got the money to spend

 

Am not certain what your really looking for insurance or in case you die policy sounds like two different things going on. As for the homestead would be a stretch I would think.

As for the insurance am not certain how my relative did it but he has it classified on his insurance and RV a semi-truck but you have to state a certain way like it's not a hobby or something lines that your living in it full time by that makes a huge difference on the coverages. Because he no longer hauls for money. He has a trailer but that's his home it's nice too. it expands both sides making it much larger space than any RV could provide with much more power.

 

I would ( and have) start with the LLC as the first layer of protection, and plenty of insurance as the second. Having a couple of million in insurance means the insurance company is unlikely to “throw in the policy”, which means they just pay the maximum coverage, because it’s cheaper than defending a suit. You need the insurance company to come alongside you and fight, or you’ll have to pay all the lawyers yourselves. A high loss limit ensures that.

As an aside, I have had difficulty finding a general umbrella liability policy that covered the trucking company. I have one, but it’s not particularly cheap. “Trucking” appears to be an expensive word in insurance.

Trusts CAN be that third layer, but I’m not sure it’s worth it for most people. Trusts are not entirely cheap to set up, and they also have to be funded. As mentioned, they can be rather unwieldy. Many people that form a trust then never go through with actually putting the assets in it. And really, how many multi million verdicts are there per year?

That advice was worth what you paid for it. Check with an attorney for real advice.