When my father died, my brother and I gained control of the family homestead. We were lucky that my dad protected the house from claims from his creditors by giving the house to his 2 offspring, but retaining a life interest in the property. In the years since my dad moved into the nursing home (and after he died), we have been trying to get around to seeing a lawyer to protect our interests in the property, so that it can be passed on to our heirs.
Recently, my brother and I finally got around to seeing the first of 2 lawyers to get proposals in how best to protect the property. The first method we received is based on a constructive use of Trusts and an LLC (Limited Liability Corporation). We expect that the second law firm we visit will propose a similar approach. Although my brother can set up a LLC (he does this quite often in his line of work), we agreed that if a LLC were to be set up for us, it should be done by external counsel. This way, we won't be the ones to possibly screw things up if we have problems.
Admittedly, this is what people do when they have something valuable to protect and enough money to protect it. I am very thankful that my parents raised us well, and that both of us have the resources and skills to provide for the rest of our lives. If anything, this is better than most gifts I could have received in life....
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