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Updated over 7 years ago,
Using Land Trusts for Rentals
PROTECTING ASSETS FROM OTHER ASSETS FAILURE
(I meant to change the post topic but it won't allow me too)
I've had a crazy awesome year, and I am looking to do a better job with protecting my assets. Last year I bought 9 properties, turned two into rentals, and although my numbers are small compared to many, I want to start thing right and begin to protect those rentals from any future failures with flipping that could take everything down.
For example, Trump owns tons of real estate, files Bankruptcy in one or four of his companies, but maintains his personal assets and wealth, as well as protects his other companies from any attack from lenders on the failed ventures.
I'm not looking to file bankruptcy, but I am looking protect myself and my other assets. I want to play the game like the big boys do.
Can anyone help explain to me how to property protect different assets and entities. I've been told that owning a property in another LLC doesn't perfectly protect it from being attacked in a suit or something to that fact.
I would love anyone input!
Thanks,