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Counsel

Casper P. Connolly

Paralegal Associate

William L. Comer

Advisory Co-Counsel

Mark Merric

We are available for speaking engagements to your group or organization.

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Question 2. I own several rental properties. What can I do to protect myself from lawsuits by tenants or their visitors.

Answer. There is no easy answer with such little information.  If each property is quite valuable (e.g., with a net FMV of $250,000 or more, then you might consider establishing a properly-drafted separate Limited Liability Company ("LLC") for each property. The purpose of using multiple LLC's is to prevent one problem property from contaminating all of the properties should a major liability occur and, thus, each LLC and its property is separate from the other LLC's, or, you might consider combining some of the lesser valued properties into one LLC.  A key question is - are you married and, therefore, do you live in a community-property state? Please keep in mind that the vast majority of the states do NOT limit a creditor's remedy to a charging order and, thus, the creditor may eventually be successful in obtaining the sale of your charged LLC interest.

WARNING!

READ THIS BEFORE PROCEEDING WITH ANY ASSET PROTECTION PROGRAM

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Copyright© 2008 - Professional Asset Protection Services.com
301 S. Rodgers Ave., Harrison, Michigan  48625
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