Start a new topic

LLC or Umbrella policy

I have one house I rent to college students. The house is currently in my name and my wife's name. Should I LLC the property or get a 1million umbrella policy.  We own our own house worth 450k.  Don't want to loose our house if something happens.

What option did you go with? I also am trying to decide.
Check with your Agent what is best in your situation and on the cost difference between 1 & 2 million. As for the LLC, check with a tax advisor for the cost and benefits. Just as important, have a Living Trust. . -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Unfortunately, it is impossible to give comprehensive real estate/tax advice over the internet, no matter how well researched or written. Therefore, it is up to you to become familiar with Fed/State/Local Tax Laws. Also, if you have real questions, you should consult with an attorney or tax professional……Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Free Trial Download with data. Check out the new $$$$ for 2013
Login to post a comment