When my parents passed, the eleven of us kept one of the two houses my parents owned. Our sister was living there with her disabled husband, and we all agreed she could stay there, as long as she paid the bills herself which she is. Our estate lawyer at the time suggested we form.an LLC to protect ourselves from liabilities. We'll, one of our brothers is in severe financial trouble and my question is can his credit card company come after the property? Or because of the LLC could they just come after his share? I have put out the idea of buying him out, which would give him cash and get his name off the house. But we have not as a family really discussed that seriously yet.
11 brothers and sisters own a house, one brother is in financial bad straights
byu/iballguy inpersonalfinance
Posted by iballguy
2 Comments
Ok…so go talk to him about buying him out
Then, come back here.
Unless your problem is solved
In which case
You probably feel pretty silly making this post first,don’tcha?
Generally, an LLC should be protected from personal debt.
I’d recommend you talk with a financial advisor, or ask for a consult with a financial attorney for your state specific laws.
Taking that step will help guide you on your next step.
Also, if you do wind up buying your brother out, make sure there is legal documentation about what percentages now go to who kind of thing if the 10 of you are not equally contributing to buy the 11th one out.