Asset protection as an owner-occupied landlord in Connecticut

[Christopher Kolasa]

How can I protect my assets, I am owner occupying a duplex in Middletown, Connecticut. I currently live in the first unit with a roommate and have tenants upstairs, Unit 2. I plan to officially move out so my roommate will be taking on the entirety of the tenant responsibilities in Unit 1 (lease already in place), thereby will no longer be living here. I have heard many differing opinions on what to do with my asset protection in the landlord unfriendly state of Connecticut so I am worried I have no protections in place other than home insurance. How can I protect my other assets (401k, savings, Florida single family rental part of a 50/50 partnership LLC) with intentions to grow the portfolio.

Is it advisable to purchase an umbrella policy or form an LLC for my business here in Connecticut? Any suggestions on what I can do?

Thank you in advance. -Chris

[Jerry W.]

@Christopher Kolasa, just so you know most forms of formal retirement plans are exempt from attachment including bankruptcy. In Wyoming the annual cost of an LLC is about $50 per year until you get over a million in value.