Future SFH rental property in CA

[Kevin Urmaza]

Hey everyone so due to the passage of prop 19 in CA, my dad has transferred our SFH which is our primary residence to myself and my brother in order to preserve our prop 13 tax base going forward. My brother and I are both planning on moving out in the future possibly to different states and we discussed renting out the property in the future. In thinking and researching about this, I looked into formation of an LLC should we decide to rent the property out. Would this potentially trigger a tax reassessment on the property? I also looked into maybe obtaining an insurance with umbrella policy. How does this compare vs forming an LLC? Any help is appreciated thanks.