How do we solve this real estate issue?
My wife and I have a primary residence in Chicago, and have 1 home we rent out to our oldest daughter. My wife’s mother recently passed but her home according to our real estate attorney must be probated. The house has a mortgage less than 3k. Once this is done our middle daughter will rent this house that would be owned by my wife and I. According to the advice of a accountant we should consider applying for a LLC. Our attorney is looking at our liability exposure.The financial responsibility of having three homes is not a burden. We live within our means and have never been late paying our obligations. We are planning on purchasing a home with acres in Kentucky in 09. This would be four homes that we would financial interest in. How do we limit our ( liability exposure) and maximize our ROI
Maybe your accountant is trying to maximize your deductions? LLCs and Trusts are good for concealing your assets. The LLC will also protect you from being sued by an individual or corporation and having their lawyer go after all 3 properties.
Like someone said, Ideally you want a real estate lawyer who knows about investment properties to recommend you to an accountant of give you info on this based on your particular situation.
Regards
Chicago Estate Planning Attorney | Chicago Probate Lawyer | Gerard Haderlein 773-472-2888
