liability protection

If you’ve ever had someone prepare an asset protection plan for you, then you know one of the inevitable steps will be the creation of one or more business structures (typically LLCs) to hold title to various assets. The more you have, the more structures will be recommended. But at what point do you say “enough?” Where is the balance between adequate asset protection, and economics and practical record-keeping?

Sometimes I feel like I’m beating a dead horse about the need to have a business structure when you hold real estate. I figure I’ve been talking about it practically non stop for 20 years now. Surely everyone has heard it by now?

Then I heard someone saying that “someone” told them they only needed insurance and probably not even that for their property. I ended up going round and round on the issue. There are times I feel like just giving up on it. I want to say, “Fine! Don’t have a business structure. Maybe you’ll be lucky.” But it always bugs me. Well, I heard a story that made me realize how important it is to get this information out…even if people don’t always want to hear it.

Are You Protected if the Unexpected Happens?