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Articles
Nancy P. James

LLC’s versus Personal Trusts for Seasonal Homes

We have been seeing a lot of “personal” LLC’s in Maine lately for vacation homes.  Some attorneys are recommending LLC’s instead of Personal Trusts to clients for their seasonal, family-owned properties.

An LLC is a “commercial” (business) entity so you cannot place personal home insurance thus the way you can on a Trust entity.  Personal Liability Umbrellas do not respond to LLC’s either – you need separate, commercial umbrellas for the LLC.  By choosing to place a seasonal home in an LLC, you will waste money and lose very broad coverage that comes with “personal” insurance (liability is worldwide on a basic homeowners policy – never on commercial forms [coverage needs to be specifically extended]).

LLC’s are a very bad idea for seasonal homes

Remote car door locks – code can be intercepted

Making the web rounds is notice that there is an intercepting device thieves are using to clone car security codes when car doors are locked using the key-chain locking device.  Thieves sit a distance away (such as in a shopping mall complex) waiting for the victim to remotely lock their car and walk away.  The interceptor can then unlock the car with the stolen code.

Advice is to use the lock button on your car upon exiting, which does not send a security code through the airwaves.

More on cell phones while driving

Recently reported:  Legal settlements against businesses for injuries caused by employees while talking on their cell phones resulted in judgments of $20M, $16M, and one with a felony count.

 

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