How Rental Property Plays into Estate Planning
Estate Planning Attorney | Owning rental property plays a unique role in planning for your future, and should be handled with the care and attention of an estate planning attorney. In the state of Florida, owning rental property can complicate your estate plans.
As a landlord, it’s important to protect your assets and ensure there’s adequate liability insurance coverage as your first line of defense. If you don’t have proper liability insurance, your other assets could be at risk if something were to happen.
Sometimes it can be best to purchase your rental property through a business entity like a Limited Liability Corporation or a Florida Land Trust. This can ensure your personal assets, like your home and savings, are safe from seizure due to your rental property. An estate planning attorney can help you set up an LLC for your rental property, and ensure that your personal assets are protected. Keep in mind that onc