If you own a rental house or apartment, where others are paying rent to reside on your property, it should never be titled in your personal name. If so, and a tenant falls in the bathtub or on the stairs, your liability for their injuries, which could be lifelong, could take all of your assets. If someone does fall in the bathtub or on the stairs and ends up in a wheelchair with millions of dollars required for their care for the rest of their life, your personal residence, savings, bank accounts, investments, automobiles, and all that you own, could be sold to pay their expenses.
You will want to have Asset Protection which has been properly designed and implemented by an Asset Protection Attorney in place to separate your business liability from your personal assets. Some people try and create something online or have their Accountant do so, but if it is not properly established with the proper legal formalities and not properly and legally maintained, then the creditor will go through it like a sharp knife through wet tissue paper going directly for your personal assets.
You’ll need to make sure that you have an Asset Protection Attorney properly design and implement the asset protection to separate and protect your personal assets from your rental properties.
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.