Thank you all for your input!!! Always good to have other people's view. One thing seems to be common to all : have a separate umbrella for personal and LLC.
Talked to an agent today and he kind of confirmed that; but in his final comment, it all comes down to how much coverage I want to have; how much is too much vs how much is not enough. (Having a CGL for the LLC is a first layer of insurance protection; the umbrella would come on top of that). So make your own decision....
Cal, I understand your point on not giving legal advise, but sharing ideas and giving input is what we are here for. Having a business I agree with you 100% you need a good attorney. But i'd rather go see him (or in my case my insurance agent) once i feel i have most of the answers/options to my questions and only need him to help me pick the best solution to my problem. Attorneys are only legal advisors in a very restricted, limited field. Otherwise they are money pits (like insurance agents); it's all about playing with the right words and your emotions. I truly admire some of them for their skills.
In regards to the series LLC, when I created my LLC (10 years ago), i did research on it, talked to other investors; once i had a good grasp of the concept, i talked to my attorney and his view was : this was still a "newer" type of LLC that had not been really proven in courts yet and therefore he did not "push" for it; to him it was another option out there, but not the way to go (at the time, in my case); kind of an overkill. (goes back to how much protection is too much or not enough; risk aversion).
But thanks for mentioning it, as it is another option RE investors should consider when setting up their LLC.
