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Best place to get advice on asset protection strategy

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  • Best place to get advice on asset protection strategy

    So I've been a bit irresponsible in taking care of this side of things, but am committed to doing the best thing moving forward. Having read a lot on this and other forum, I am of the view that using a professional may be of value, but am not sure whether to start with a CPA, financial advisor, or attorney. Important points are:

    - Married, 33, spouse is 30
    - Own one home and two rental properties (one accidental, one on purpose); no umbrella insurance, no LLC
    - $1million in life insurance
    - LTD + STD in place
    - No debt/kids

    My main question is whether or not I should aggressively pursue putting our properties in an LLC, or if getting umbrella insurance will suffice. Any advice on which type of professional could give the best guidance?

  • #2
    I'd suggest you start with a good financial planner-they might be able to offer the advice you need based on experience with other clients. If not, you should add a state specific estate planning attorney.


    • #3
      Good estate planning attorneys will emphasize asset protection as part of their work with clients and pay attention to what's going on in their state and generally. Your estate plan will be related, but a different topic. Having rental properties in LLCs is usually pretty cheap insurance, but just having the piece of paper from the state saying you're an LLC is not enough. There are other steps you'll also want to take for asset protection protection purposes that maintain the LLC's limited liability shield so you don't have the "corporate veil pierced" (that's the common phrase). You can find a lot of good information online by searching for the phrase also.


      • #4
        Getting umbrella insurance is cheap, fast, and easy. In your shoes I would do it today. The umbrella policy will take care of liability in the vast majority of circumstances at a low cost.

        An LLC adds another layer of protection. But it can be complex, expensive, and there are lots of details in how you operate day to day that must be tended to in order to give you the asset protection that you need from the LLC structure.