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Updated almost 6 years ago on . Most recent reply
LLC or Trust? Best Protection of Personal Assets from suits
I am fairly new to bigger pockets and real estate investing, and excited to be a part of this community. I have owned a single family property for a couple of years now, and it was closed in my name. I know that I need to move it out of my name and into a Trust or and LLC, with my primary objective of protecting my "personal assets" in the event of potential suits connected to my rental. From all that I have read, I believe that LLC's accomplish this, as long as I am not doing anything illegal or am not negligent. My specific question, I know that quite a few people use "Trusts" as well instead of LLC's. Would putting the rental into a Land or Revocable Trust offer the same protection of my personal assets (outside of the rental) as an LLC would? I have an attorney who is recommending that I put the property in a Revocable Trust, and use an LLC to be the trustee of that trust. Any input would be very helpful!
Thanks,
Ron