Protecting Assets
Hey guys,
Trying to figure out if my two partners and I should form an LLC for the deal we are currently in escrow for which is a 4-unit cash flowing property. I would be fine without an LLC but both of my partners have substantial assets in their personal names, and I do not want to put their assets in jeopardy if anything were to happen in the future.
We discussed getting an umbrella insurance policy, but still not sure which would be better for our situation.
First question:
1. Who do we talk to about forming LLC and if in our best interest? Real estate attorney? CPA? Grandma?
2. Does an umbrella insurance policy provide the same asset protection as LLC?
3. If we formed LLC after we close, what is best way to transfer from our personal names to the LLC without triggering the "due on sale" clause.
Still in the learning phase in all of the this asset protection talk, trying to read and take in as much info so we can make an informed decision on this topic.
Please help. Stressing over here! :)