Asset Protection strategy California

[Daniel Z.]

Hi all, just paid off my first rental property!!  While that's exciting and all, I've been listening to a number of podcasts and doing some reading and I'm feeling a little exposed by having so much equity in a single unit.  I'm not wanting to refi at this time, but would at some point like to access that equity.  I was wondering if anyone has experience in this department and can offer a couple solutions to further explore?  I've heard about trusts and LLCs etc.. But I'm unaware of the stages of these processes.  Also if anyone has any referrals for attorneys or CPAs that can help walk me through this next stage that would be very much appreciated.  

[Katie Balatbat]

@Daniel Z.

Congratulations!  The LLCs are typically used for asset protection (if you choose to go that route) and trusts can sometimes but used for asset protection but often more so are used for estate planning and transferring assets during life or at death to loved ones.  Not sure where you are located in California, but if you need referrals in San Diego, let me know.

*This post does not create an attorney-client or CPA-client relationship.  Readers are advised to seek professional advice.