The sad part is that people who think LLC's and trusts offer them some sort of "protection" find out the truth the hard way if a lawsuit comes along.  And I bet if you ask them if they have an umbrella policy, they won't know what you're talking about. 

Section 1031 exchanges sound good in theory, but in too many cases the urgency of selling or buying at close to the same time, along with double commissions and "facilitator" fees, wipes out any tax savings (especially at current low capital-gain rates).