Asset Protection for Real Estate Owners
Strategic Asset Protection Lawyer for Real Estate Investors in Naperville, IL
Real estate owners often have to deal with lawsuits both valid and frivolous. Whenever an accident occurs on a real estate owner’s property, the owner may be held legally liable. Considering strategies to protect your assets from legal claims is essential for any real estate investor. There is no way to guarantee the outcome of a lawsuit, and even seemingly frivolous lawsuits can ultimately cost hard-earned money. At Robertson Legal Group, LLC, we counsel real estate owners on how to best protect their assets from aggressive litigants. Our firm works with all types of real estate owners throughout Northern Illinois.
Entity Selection for Asset Protection
One of the important things you can do to protect your assets as a real estate owner is to create an LLC to own your investment properties. A limited liability company (LLC), creates a barrier between your business assets and your personal assets. Consequently, if your business is held liable in a lawsuit, any damages awarded to the plaintiff will not come from your personal property.
It is important to note, however, that the barrier, or veil, between your personal assets and the business assets of your LLC or other business entity can be pierced so as to expose your personal assets. “Veil piercing” is a common strategy used to set aside the protections of a business entity. With the counsel of an experienced attorney, however, there are steps that can be taken to provide and maintain a more secure separation between your personal and business assets.
Land Trusts for Real Estate Asset Protection
Another important asset protection strategy we often recommend is holding properties in a land trust. With a land trust, the title of the property is held by the trustee, but the owner, or beneficiary, still maintains the rights and responsibilities of ownership. When a property is owned and titled in a land trust, the privacy of the beneficiary is protected. Consequently, it is more difficult for someone who is asserting a claim against the real estate owner to go after these assets, as their true ownership is not readily identifiable.
To learn more about how we can help you with your real estate asset protection strategies, contact Robertson Legal Group, LLC at 630-882-9117 to schedule a consultation. We will go over the specifics of your real estate investments and discuss your options for asset protection. Our firm works with individuals and businesses throughout Will, DuPage, Kane, and Kendall Counties.