Large Umbrella Policy vs. L.L.C.

[Glen Emery]

Could someone please give advice on if I should buy my first U.S. property in my personal name or in an L.L.C.? I am Canadian and it's been recommended to me several times by accountants to just buy my first property in my own name with a large(5 Million $) umbrella insurance policy.

If I buy in an L.L.C. it must be owned by an L.L.P. so I won't be double taxed  (U.S. then Canada). The cost for me to set up an L.L.P. structure with an L.L.C. is $3500 and about $2000 per year in annual accounting fees. The cost for a large umbrella insurance policy is approximately $2000 per year and $300 in annual accounting fees. 

Should I take my accountants advice? My U.S. property manager does not recommend holding in my personal name but several accountants do. Confused!!!??? Does anyone have any recommendations please? Thank you.