Asset Protection
Just looking for other peoples thoughts on what is the best way to protect your assets. I've heard so many different strategies it's hard to try and figure out which way to protect yourself. How do you have set yours up?
Putting all the properties in individual LLC's sounds like a pita, not to mention that it sounds like it would start to get quite expensive come tax time, why having your accountant prepare 40 different returns for your 40 different LLC's just doesn't sound practical to me. Then you have to pay corporate stock tax on top of all that (a PA law, maybe others).
I've also heard own the properties in your own name and set up a C Corp to lease the properties to and have it manage them for you.
Just get an Umbrella policy.
Trust Deed them to someone you really trust (who's not family) and set it up so they can do nothing with the property with out your permission.
Ugh... the list goes on and on
What have you done to protect your assets?