Apartment and Rental Properties - Limiting liability with a Trust or LLC

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mags6830
10-03-07, 02:51 PM
I've owned a multi family in the past and now I'm looking to buy again (in MA). This time I want to consider a trust or LLC to protect my other assets (primary residence for example), but I haven't been able to find much info out there.

Has anyone out there used a trust or LLC to hold rental property? What has been your experience as far as pros/cons?

Thanks.

slumlordfrank
10-03-07, 03:31 PM
I've owned rental property since '78 and I've never had a holding trust or LLC for my rentals. I've also never bought into the "big lie" told by politicians tell about there being a "lawsuit abuse epidemic" in this country, mainly because it does not exist.

That said I've always carried a couple of million $$ umbrella policy and I've always been scrupulous in following the law in dealing with others.

frank
mitch17
10-03-07, 06:02 PM
The days of being able to shield youself from personal liability for business problems are pretty much gone. Used to be that incorporating would offer personal protection, but piercing the corporate veil has become common.