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Updated over 3 years ago, 07/22/2021
Asset Protection Plan
I am looking to protect my assets (undeveloped land, primary residence, investment accounts) as I build my rental properties up. I can't put the rental in an LLC as it's already under loan backed by Fannie May.
I thought it would be okay then to just build a wall around my other assets, as well as mitigate risk.
Was planning to put my 100% owned undeveloped land into an LLC, which should give it protection, and also and Land Trust for privacy.
My retirement accounts and my primary residents(in Texas) should already have ample protection.
Was thinking to set up another trust and LLC for my investment accounts, and possibly move offshore.
Then I was thinking for an umbrella insurance policy and risk mitigation techniques like fire extinguisher in rental, evacuation plan, notice about possible hazards, etc. to be put in rental contract.
Am I missing anything?
Thanks in advance.