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This website is a service of  ,a Texas firm established in Houston in 1979. Its purpose is to provide asset protection services online, including formation of the new Texas Series Limited Liability Company that was approved for use in Texas in 2009. The Texas Series LLC, unlike the traditional Texas LLC, is suitable for real estate investors and others who want to hold multiple properties, assets, or businesses within the same company – and these properties can be located anywhere in the world. Its benefits are simplicity and economy since it is no longer necessary to have multiple entities. The Texas Series LLC is an outstanding asset protection device and makes the traditional LLC essentially obsolete. It is the core of our recommended asset protection program.
Texas is now the most favorable state in the United States in which to do business and engage in asset protection – bar none. No other state exempts the entire value of the homestead and vehicles from execution on a judgment, prohibits garnishment of wages, and protects retirement and college tuition plans. In addition to forming a Texas Series LLC, Texas investors and business owners should review their portfolio to make sure they are maximizing these protections (See our article on the Homestead above).
Mr. Willis is a board certified real estate lawyer and asset protection expert with 30 years experience in transactions and litigation. He is also a licensed real estate broker. As a result of this experience, he is uniquely qualified to design an asset protection program that works. “Elaborate entity structures are useless” he observes “unless they can withstand the scrutiny of a judge or jury.” The Texas Series LLC is ideally positioned to do this.
Our articles (the blue buttons above) on the Texas LLC and related topics contain free, detailed information that could cost thousands of dollars at large law firm. Many more articles pertaining to Texas real estate law generally are available on our companion site, www.LoneStarLandLaw.com. For a quick overview of the Texas Series LLC and asset protection, view our powerpoint presentation (click the icon to the right). |
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| ASSET PROTECTION PLAN FOR TEXANS |
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Asset protection is the lawful structuring of assets into one or more proven entities in order to discourage lawsuits and make it difficult for judgment creditors to collect. Principles of asset protection include anonymity of ownership, deterrence of lawsuits and creditor action, and exhaustion of an adversary’s determination and resources.
This is our basic asset protection plan for investors and businesspersons:
- establish a Texas Series LLC to hold investment properties and businesses;
- form a shell management company (it can be a traditional Texas LLC) if your business deals with tenants, vendors, contractors, and the public – doing this keeps the asset-holding entity anonymous and out of the loop;
- file assumed name certificates (DBA’s) for the Texas Series LLC and for the management company;
- transfer properties held in personal names to the Texas Series LLC;
- reduce or eliminate debt on the homestead, personal vehicles, and other exempt items; and
- form a living trust for the homestead to avoid probate and execute a “pour over” will to complement the living trust.
Anonymity is a key element of asset protection. Your personal name should never appear on any deeds, leases, or contracts, and a tenant should never write a check to an individual member of the company. There is an old rule that people tend to sue whomever they write their checks to, so make sure that is never you personally. Dealings with the public should be conducted solely in the name of your Texas LLC or (preferably) its management company – which should be a separate “shell/pass though” entity. This two-company structure, one with assets and one without, is the ideal format for investors with multiple properties who deal with tenants, vendors, contractors, and the like. Few Texas businesspersons require anything more exotic. Note that this office is capable of creating very exotic vehicles, including offshore companies . . . but we also believe in “keeping it simple” whenever it is possible to do so.
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| TEXAS ASSET PROTECTION |
Even if you do not now reside permanently in Texas, you may still be able to designate your homestead here and protect its full value against lawsuits and judgments. Purchase Texas property, obtain a Texas drivers license, register to vote . . . and declare yourself a Texan who is entitled to homestead protections. There is no waiting period. For more information, visit our new companion site TexasAssetProtection.com Clients who are moving to Texas and acquiring property here will be required to sign a buyer’s representation agreement, since the commission split is an important part of our compensation. Brokerage commissions may be split with associated brokers. |
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| WHAT IS A TEXAS SERIES LLC? |
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The Texas Series LLC allows different properties and businesses to be held in separate “series” or compartments, each insulated from the liabilities of the other – which is not true of a traditional Texas LLC in which all assets of the company are available to satisfy any judgment. This feature eliminates the need to form multiple Texas LLCs for different properties and projects. An individual series may own real estate, borrow money, manage property, or operate a business in its own name. In effect, each series is a “sub-company.” It is not necessary to already own multiple properties or businesses; series can be added progressively as the company acquires more property. After forming a Texas Series LLC, investment property held in a personal name should be moved into the company by means of general or special warranty deed without delay (See Deeding Properties, above).
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| LIVING LAND TRUSTS |
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A living land trust (also called an inter vivos trust) for the homestead is an integral part of our overall program. Living trusts are effective planning devices that achieve both anonymity (they are not registered entities) and avoid probate. Trusts are not just for the rich. This office is as enthusiastic about living trusts as we are about the Texas Series LLC. Both should be used as part of a comprehensive program of asset protection and estate planning.
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| ONLINE CONSULTATIONS AND SERVICES |
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Email us your inquiry about the Texas Series LLC. We will respond promptly with preliminary comments. The following options are then available:
Asset Protection Review. This is a good starting point if you are uncertain about whether or not to form a Texas LLC. It includes a comprehensive analysis of your circumstances and goals with recommendations for action. It is conducted online, supplemented by phone and fax. The fee is $250 and is applied to the fee for a Texas LLC or trust.
Formation of a Texas Series LLC. Asset protection planning is included in our $950 fee for a Texas Series LLC, as are follow-up questions after the company is established. The fee for a traditional Texas LLC is $750. Go to Fees for complete fees, costs, and policies.
Deeding Properties into your Texas LLC or Trust. This is essential to implement your asset protection plan. Specially crafted Texas deeds for this purpose are $175 plus recording fees. A reduction is available if three or more properties are involved.
Formation of a Land Trust or Living Trust. Fees are $750. You should consider executing a “pour over” will ($250) along with your living trust. The two go hand-in-hand.
When your new Texas LLC is approved by the Texas Secretary of State, we will ship you a professionally printed company book (black vinyl or optional leatherette) with official seal, custom membership certificates, detailed company agreement designed by us to maximize asset protection, customized minutes of the organizational meeting, and more. There is nothing “standard” or “boilerplate” about our sophisticated document package. These documents assure asset protection and compare favorably to any asset protection documents produced by any lawyers anywhere in the United States.
Since services offered on this website are priced for online delivery, office meetings incur an additional charge of 20%. We invite you to compare our fees with any board-certified attorney with comparable experience. |
| BEWARE OF DISCOUNT INTERNET SERVICES |
All LLC’s and trusts are not created equal. We use sophisticated, customized documents designed by this office to achieve maximum asset protection – absolutely no “standard forms.” There is simply no comparison to discount internet services that claim to provide “legal services at your specific direction.” These provide only the most basic of documents, barely above the level of junk, with no legal advice or asset protection guidance. Just try speaking to an attorney! New clients often ask us to upgrade or replace the documents the obtained from such internet services. It is often more expensive to do so than if the documents had been done correctly in the first place. |
| ETHICS, CONFIDENTIALITY, AND STANDARDS OF PERFORMANCE |
This office subscribes to The Texas Lawyer’s Creed and the Code of Ethics of the National Association of Realtors. Asset protection is an honorable endeavor and we do it right. Adherence to the highest ethical and performance standards is an essential part of our firm philosophy. We are in good standing with the State Bar of Texas, The Texas Board of Legal Specialization, and the Texas Real Estate Commission.
We are occasionally asked for a client list. This is never provided. We would no more reveal the identity of our clients than would a Swiss bank. The anonymity of our clients is of paramount concern to us.
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| REGISTERED AGENT SERVICES |
It should never be easy for anyone to discover the true ownership of your assets or where those assets are located. This office can assist with enhancing your anonymity. For an annual $250 fee, we are available to act as registered agent for the company, receiving official mail and service of process if the company is sued. We may also agree to file all formation paperwork in our name and then privately assign the company to you – an unregistered transaction – thereby eliminating any reference to your name in the initial filing documents. This is our “anonymity option” and is available only to select clients who can demonstrate that their company goals and purposes are entirely legitimate.
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| AREAS SERVED |
Because of our unique blend of services and online capability, this firm has online clients from all parts of Texas and around the world – Europe, Asia, and Latin America – who are concerned with asset protection in Texas. Our principal office is in the Houston area with a satellite office in Dallas. David J. Willis is a Texas real estate attorney, Dallas real estate attorney, Houston real estate attorney, Woodlands real estate attorney, Austin real estate attorney, and San Antonio real estate attorney. He is a Texas asset protection attorney for anyone who owns real estate in Texas. He is a Texas LLC attorney and Texas Series LLC attorney for persons wishing to form a Texas LLC or an offshore LLC for purposes of investment in real estate or asset protection. David J. Willis also represents clients in Texas real estate litigation as a Dallas real estate lawyer, Houston real estate lawyer, Woodlands real estate lawyer, Austin real estate lawyer, and San Antonio real estate lawyer.
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