What to do with Rental Properties if you have an Estate Plan
Today we are going to discuss the asset protection aspect of Estate Planning, specifically what to do with your rental properties.
The first thing we suggest is DO NOT put rental properties in a living trust. Those properties would then be owned by the living trust, and a living trust does not provide you with any liability protection. The specific thing a living trust does is give you a succession plan. The trust will give you control over distribution of assets, and will help to avoid the need modafinil kopen gids online to go to probate court, but it does not protect you from liability.
What you should do is put them in a business entity, most likely an LLC. The LLC can be owned by the living trust, which helps in layering the liability. An appropriate insurance policy should also be in place.
If you want to talk more about this or any other estate planning needs, please feel free to give our office a call at (702)850-7998, or click here to schedule a complimentary 15-minute phone consultation.