Anyone bought a home with an out of State LLC for Liability Protection? (lawyer)

[earlyretirement]

I posted this over at Piggington's but I thought I'd also post it here as there are some really educated and bright people on this forum as well. I'd love some personal feedback.


I read a few past posts on this forum about buying a home with a living trust but I didn't see anything about buying a house with an Out of State LLC (Nevada or Delaware) for asset protection, liability protection and privacy reasons.

Has anyone done this? Was it easy? I read this article online:

http://www.aoausa.com/Articles/2010/February/12.pdf (broken link)

I'm scheduled to talk to this lawyer that wrote it, but before I do, I'd love to hear some opinions and thoughts on it and the pros and possible cons of doing this. Obviously I take a grain of salt with anything I read on message boards but I've found hearing personal experiences from those that have done it really helps vs. just hearing a lawyer's perspective.

I know many people set up living trusts in California for estate planning and probate issues but it doesn't seem to get around all the possible liability/asset protection issues. But setting up an out of State Delaware or Nevada LLC with the sole purpose of buying your primary residential property seems like a good strategy but I'd love to hear some chains of thought on it.

I previously lived in Texas where there is homestead protection and you can't lose your home in some frivolous lawsuit so I was investigating the best route to go.

Thanks in advance.