When filling out the form should I have reserve the life estate interest in the property transferred back, if i do this, if something happen with the llc and the ppl sue me. Does it only go back to the property or my personal asset.
More information is needed. What "form" is it? Are you asking whether you are personally liable for the actions of your LLC?
In addition to these issues, you need to be careful that transferring the property (I'm making the assumption you're referring to real property b/c of your reference to a life estate) to your LLC doesn't violate a Due on Sale clause in your trust deed/mortgage.
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Real Estate Attorney
You need to discuss this with a business law attorney who has a background in real estate. The information you have given is not enough to answer your question. Are you forming a brand new LLC and contributing the real estate to it as your buy in? Does it already exist and you just want to move the property into the name of the LLC? Do you have a creditor that might be pursuing you now or are you only worried about protection from future creditors? What are you trying to achieve in keeping a life estate interest?
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. I am licensed in Arizona and can only provide general comments on matters outside of Arizona law. Actual legal advice can only be provided after a direct consultation in which all of the relevant facts are considered before providing a response.