Estate Planning for Real Estate Investors
While it’s important for almost all adults to have quality legal planning, it’s particularly important for real estate investors.
If a real estate investor should suddenly pass away or become incapacitated, it’s imperative their estate plan will protect their assets, avoid unnecessary taxes, and avoid a lengthy probate process.
This #WebinarWednesday replay with Estate Planning & Elder Law Attorney Bob Mannor will discuss the many considerations Real Estate Investors have for their estate plan – and what to do about them.
How to Prevent Liability Issues as a Real Estate Investor
As Bob mentioned in the video, it is important to have a real estate plan to manage all your properties. For example, you have five properties, but one of them could be exposed to a lawsuit. If you own five homes, money and everything you own could be exposed to a lawsuit. If liability is not separated, any mistake could mean you lose all your life’s work, including your money, houses, and more. Creating a Limited Liability Company (LLC) can help you protect those properties. However, this is not always the best solution. The value of each property is exposed, but you or your bank account will not be.
What If There’s a Lawsuit?
Since you own all five LLC’s, you will need to be better protected. An asset protection trust could be one solution. If you get sued, they won’t have access to each property. They may have access to your money, but not everything.
If you’re a real estate investor, watch the video replay to learn how you can protect your real estate from liability issues. As a real estate investor, it is your responsibility to have a plan to protect all your assets.
Management and Succession: Creating a Real Estate Plan
Planning for the future does more than just protect your assets from succession laws upon your death. A plan can give you peace of mind when ensuring your loved ones are cared for after you’re gone.
Thankfully, there are actions you can take during your life to protect yourself as a real estate investor in Michigan.
Protect your assets and work with an experienced attorney at Mannor Law Group:
Are you a Michigan resident or real estate investor who needs assistance with your estate plan? Mannor Law focuses on estate planning, elder law, and life care planning. Contact us today by calling (800) 990-6030 to learn more or click here to select a day and time when a team member can discuss your concerns.