Estate planning for your Home
Most people agree their home is one of the most important assets owned. The timing and means of transferring your home must be reviewed by your estate planning attorney to avoid unintended consequences (i.e. probate, unintentional disinheritance of heirs, and capital gains taxes). There are also trusts which can help you protect the equity in your home from Medicaid and other creditors.
Protecting assets from rental property liability is very important. If the rental property is held in your name, this could expose your other assets to law suits if, for example, a tenant slips and falls. Limited liability companies can be a vehicle to protect assets by isolating real estate in separate entities.
Working with an experienced estate planning attorney, will help you to establish a strategy to execute asset protection goals.
For more information or to schedule a time to speak with one of our estate planning attorneys, call The Law Network PC today, at 303.267.1111 to get started.