If you are a property owner who is leasing to a third party, you may have concerns about your responsibility for accidents that may occur on the property. Asset protection planning may enable you to safeguard your property against liabilities for injuries sustained on your premises.
Asset protection tools are also available to secure an estate for beneficiaries in the event of an individual’s death. Whether you are fortifying your business or individual assets, learning about Florida laws may help you to consider options for shielding your possessions.
Property liability is a serious risk factor for you as a landlord. You can cover your residential or commercial rental properties by creating a protective legal entity, such as:
- An LLC
A limited liability company, or LLC, limits the personal liability of business owners and their investors
- A Florida land trust
A Florida land trust is an agreement among individuals to hold legal title to a Florida property. A land trust can shelter your property against lawsuits and judgments
The following are among the legal devices that are available to you for ensuring that the allocations of your belongings will benefit your heirs according to your wishes:
- Estate planning
- Joint ownership of property
You have devoted your time and hard work to attain the valuable resources that provide for you and your loved ones. Protecting your assets may enable you to preserve your properties and belongings for your financial health and your family’s security now and in the future.