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Jarod Backens
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Another Asset Protection Post??

Jarod Backens
Posted Jan 6 2024, 15:00

Hi Team! Hope everyone enjoyed the holidays.

Okay, this has been covered to some extent at length, but it’s been difficult to decipher the exact information I’m looking for. I hope this can be helpful for other people in similar positions as well.

I have a (small) handful of rental properties and a primary residence. Right now they’re all covered by liability insurance and an umbrella policy. There is not substantial equity in the properties since I’ve owned all < 4 years.

However, for my own peace of mind, I’m ready to take the next step in asset protection. I don’t need a complicated strategy. My net worth is not astronomical and my W2 is not risky. But I would be willing to spend some money to protect my spouse and family ~in case~ anything were to happen with one of the properties.

Okay, that's the background. I think what makes the most sense is setting up an LLC and just putting the properties in there (minus my primary residence) to keep this separate. Right..? Or are LLCs futile these days? I also want to be in a place where I can refinance any property *relatively* easily.

I know there are a multitude of different angles here. But I’m interested in a simple next step from liability insurance. If someone has a recommendation for an attorney or firm they trust, who can help, that would be great. Easier is better, and I’m willing to spend a bit for my peace of mind.

Plot twist - I am based in California, but our investment properties are all out of state.

Thanks in advance, and appreciate you reading! Cheers!

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