Asset Protection ?
Can anyone recommend a book that gives "detailed, step-by-step" info on how to protect your RE assets?
If anyone cares to list it will be highly appreciated. Would step one be the following?
1. Create a land trust.
Check Amazon for Land Trusts
Also, check for banks that will issue mortgages to properties in trust and take title to the property in the trust. If the chain of title and the mortgage is not in your personal name then that helps a lot.[ Edited by linlin on Date 06/28/2007 ]
as far as asset protect goes, land trust are baby step.
It is a vast subject and when you have done you home work, talk to an atty that specialized in this.
The most advanced techniques are typically not written about in boots.
Hello fmmp,
I am reading a book now from William Bronchick who is a attorney and real estate investor. Matter of fact, I went to one of his seminars. His website is http://www.legalwiz.com. The book is called Wealth protection secrets of a millionaire real estate investor and is very reader friendly. Hope this helps.
Karin
Quote:
On 2007-06-27 16:17, fmmp wrote:
Would step one be the following?
1. Create a land trust.
As a general rule, trusts provide some measure of anonymity but no asset protection. No entity will protect your real estate investments from a lawsuit from within the entity.
The LLC will shield your real estate investments from exposure to a lawsuit when you are personally sued.
Your attorney is your best resource to help you determine the best asset protection plan for you.
Thanks all I will make calls concerning attorney consulation fees tomorrow.