Monday, December 10, 2007

I know this is not a residential real estate blog, BUT

I have to digress tis morning. If you are in Illinois or a state that permits it, and you are married, you should almost certainly take advantage of the easiest asset-protection vehicle available to you: owning your principal residence as tenants by the entirety. In short, it prevents a judgment creditor from going after the home of a married couple if the credit obtains a judgment against only of one spouse. This can be important if you are a professional, own your own business...oh heck, it is important for anyone to take advantage of this protection if possible. (Of course, as always, consult your own lawyer to see if it is right for you.)

To read more, go to Peter Olson's blog and learn more about this important topic and recent case law developments from the 7th Circuit affirming that even co-op shares can be protected.