One of the biggest purchases you’ll ever make in your life happens when you decide to buy a home. Owning real estate means there are important assets in your name, and you have likely taken steps to protect your real estate assets in case something should happen that causes damage or even the loss of your home.
But have you considered the importance of protecting these assets from potential lawsuit or probate case?
Whether the home you own is the one you go to after a long, hard day, or it’s the one you purchased to rent out to other tenants, Grimaldi Law Firm, a leader in Real Estate Law in Hollywood, wants to help you protect every part of your assets. It is just as common for a landlord to jeopardize losing the property he owns after being sued by his renters as it is for your death to cause a family feud over your home or real estate investments or have it be stuck for over a year in probate.
Neither of these risks are one’s worth bearing.
Working with Grimaldi Law Firm for your real estate needs means getting your real estate done right. This includes giving you the two tools for real estate asset protection:
Limited Liability Companies (LLCs)
If the real estate you own is earning you income, then going the LLC route is a great option. Setting up an LLC means you will be able to protect your personal assets from any claims or lawsuits brought against you as a result of being the owner of the property. Your liability is limited to what is owned by thye LLC. In addition, having the LLC associated with your property brings a level of security and anonymity. It is especially important to seek counsel when developing an LLC so that you can ensure you have the guidance you need in order to maintain the LLC and continue to comply with the rules associated with it.
A revocable trust, can be changed at any time without the consent of the beneficiaries offers flexibility, privacy and the ability to avoid probate. . Another bonus? Your assets stay within the control of your family.
If you have multiple properties, not to worry! Combining LLCs and trusts in order to ensure your real estate assets are protected is a common practice. Let’s sit down and decide the best course of action to keep you protected and out of court.
Because at Grimaldi Law Firm, your future is our present.
Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.