A valuable asset protection strategy for real estate investors is to place each separate real estate property into it’s own LLC. The LLC shields the owner from potential liability or debts that may result from the real estate properties. By each property being owned by a separate LLC, this also shields the liability of one real estate property from being impacted by another separate property that may be underperforming or be subject to a lawsuit.
Florida is a state with very strong LLC protection. However, in order to obtain this asset protection, the LLC must have more than one member. A multimember LLC in Florida can not have its assets attached by a single members individual creditors and is an excellent safeguard that should be utilized by real estate professionals. Interested in preparing a proper asset protection plan for your real estate assets? Contact the experienced attorneys of Morris Law Group.