home insurance washington state
Asset protection? Do I need it for rental property? Is there such a thing as an asset protection specialist?
For asset protection, should I put my rentals in different names or should I set-up some type of trust?
I read on Yahoo! Answers that it is a good idea to set-up different corporations in order to purchase and own rental property. It was suggested as a way to protect your assets. I have two SF rental homes, both in my name. What kind of corporation should I set-up to protect myself?
And want about my personal residence? Should I put that in a corportion?
What is the best state to file incoropration papers? How much will it cost? I live in Washington State, but my rental property is in California.
What about a trust? Would a trust be better? What kind of trust is the best?
Is there some type of insurance policy I can buy?
The concept of asset protection is completely new to me.
Thank you in advance for your help.
Most respectfully,
A Real Beginner
As a general rule you wouldn’t want to put properties into a corporation or even and LLC. If you are going to be operating income properties get a good CPA to help advise. He should be familiar with the laws of the state in which the property is located.
You should have a standard property and casualty policy on your rentals. Often you can extend the policy on your home to include rentals (save $).
I have been doing this for years. I can explain by email….
Filed under Home Insurance by on Jun 5th, 2010. 
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