Re: land trust/LLC/homestead exemption
If you have a concern about protecting assets from creditors, than I would talk to a lawyer that has knowledge of that sort of planning--maybe a good estate planner with a bankruptcy lawyer in the same office.
First question is what state do you live in? Are you in a state with a generous homestead exemption? If so, don't mess with a good thing.
Also, I am not sure I understand how the trust/llc would be set up. It is very hard to make these things bullet proof. There has been some states that recently have passed laws to allow "asset protection trusts" which purport to be a way for a person to use a trust that they create to shield the trust assets from creditors. Only a few states allow these sorts of trusts. It is unclear whether these trusts will hold up in bankruptcy. I think they probably will not, at least based on how the current bankruptcy code is written. Historically, the only trusts that could not be attacked in bankruptcy were spendthrift trusts. These are trusts created by someone other than the bankrupt debtor; the debtor is only a beneficiary.
If you have more information about the land trust/llc structure and want to post it, I would be glad to comment, for what it is worth.
No more lawyer stuff, no more political stuff, so no more CYA