Opinions on Asset Protection for newbies

[Scott Hart]

Asset protection for the new guy. The only discussion I have ever heard are for people who have substantial inventory. This is a topic I never hear discussed on the podcast. It only takes your first property to be purchased for a lawsuit to happen. Now your family is at risk. I'm sure for legal reasons this topic is avoided, because there is no correct answer for everyone, but opinions and breakdown of those opinions might help many get over the hump and take the plunge. Please discuss several things for me if you feel experienced enough to provide an opinion.

1) when property is purchased all cash (maybe BRRRR, maybe flip, maybe turnkey) vs a mortgage (buy & hold)?

2) to utilize (an LLC or to use balloon insurance policy) in addition to standard insurance?

What provides you peace of mind?

Thanks!

[Jay Hinrichs]

I think the insurance policy your talking about is Umbrella  not balloon.. :)