Pay off my renta lproperty or let the mortgage run?

[Jeff J.]

I have a rental property with a 4.75% interest rate.  My plan is to pay it off over the next 3 or 4 years and enjoy the increased cash flow.  I am 60 and retired.

However, I have heard it is unwise to have a fully paid off apartment building in this litigious society.  A fully paid off building would be very attractive to a lawyer whereas a property with a heavy mortgage would not be attractive.

Your ideas, suggestions?