If You Still Have Real Estate Equity, Is It Sufficiently Protected?
Real estate has historically been considered as a valuable and worthwhile investment. And despite the devastation the Florida housing market has suffered in the past few years, many people still have substantial equity in their real estate investments. In fact, in many cases, real property assets constitute a major portion of their estate. If you own property in addition to your primary residence, does your estate plan sufficiently protect it for your heirs?
In our litigious society, it is imperative that proper steps be taken to protect real estate assets. In addition to having the proper amount of insurance coverage, most income producing real estate and even raw land should be placed in limited liability companies (“LLCs”) in order to preserve and protect the other assets in your estate from claims that may not be covered by insurance.
This is particularly necessary if the property is owned jointly with another investor or in a partnership -- because sometimes the problems of joint owners or partners can endanger your own investment in the property. Contact a Florida estate planning attorney who can advise you on the proper steps to take to protect and conserve your real property assets.
