Should I set up an LLC for a rental property?

[Devaunshi M.]

Hi everyone,

A friend recommended I join this network, and i am so glad I did! I’ve been learning a lot from all of you - so thanks!

I am about to buy my first property that I plan to rent out. I am a bit confused as to whether I should set up an LLC for protection on top of having a solid insurance policy. If someone (God forbid) were to sue me for any reason, could they come after all my assets if I don't have an LLC? I want to make sure I am protecting the assets that me and my husband have worked hard to create.

Any advice would be much appreciated!