registering real estate property on LLC or Trust vs individual

[Al999]

For New York, but below question is generally applies for all states.
Does it make sense of registering real estate property on LLC or Trust vs insured for 1 million against liabilities individual
in the case when property will have mixed personal use with on and off rental and possibility of selling it in the next 10 years?
Isn't it a bad combination when LLC property used by non-paying rent family member or even myself?

 

[Zigner]

For New York, but below question is generally applies for all states.
Does it make sense of registering real estate property on LLC or Trust vs insured for 1 million against liabilities individual
in the case when property will have mixed personal use with on and off rental and possibility of selling it in the next 10 years?
Isn't it a bad combination when LLC property used by non-paying rent family member or even myself?

That is a great question for you to discuss with an attorney that you hire to review all of the matters surrounding your matter.

 

[zddoodah]

Does it make sense of registering real estate property on LLC or Trust vs insured for 1 million against liabilities individual
in the case when property will have mixed personal use with on and off rental and possibility of selling it in the next 10 years?

This question makes very little grammatical sense. You're asking whether it makes "sense of registering . . . property on LLC or Trust vs insured for" a million dollars. Huh? Registering the property for what? Are you talking about titling the property under an LLC or a trust? And are you asking a separate question about how much liability insurance the owner of the property ought to carry?

No one here will be able to opine intelligently about how the property ought to be titled or about how much insurance the owner ought to carry. Those are questions for an attorney and an insurance agent who have a FULL grasp of all relevant facts.

Isn't it a bad combination when LLC property used by non-paying rent family member or even myself?

Again, huh?

 

[Al999]

This question makes very little grammatical sense. You're asking whether it makes "sense of registering . . . property on LLC or Trust vs insured for" a million dollars. Huh? Registering the property for what? Are you talking about titling the property under an LLC or a trust? And are you asking a separate question about how much liability insurance the owner of the property ought to carry?

No one here will be able to opine intelligently about how the property ought to be titled or about how much insurance the owner ought to carry. Those are questions for an attorney and an insurance agent who have a FULL grasp of all relevant facts.



Again, huh?

OK. I can rephrase my original question to this.
What extra can titled under LLC real estate property provide In term of protecting my other assets against possible liabilities related to it if compared with having 1 million liability coverage insurance on titled under individual name real estate property?

 

[Zigner]

OK. I can rephrase my original question to this.
What extra can titled under LLC real estate property provide In term of protecting my other assets against possible liabilities related to it if compared with having 1 million liability coverage insurance on titled under individual name real estate property?

It depends.
In any case, you're going to want the insurance anyway.

 

[Al999]

It depends.
In any case, you're going to want the insurance anyway.

Yes, I know that insurance should be part in both scenarios, but I am trying to figure out in term of liability protection what LLC can provide extra if potential claims don't go above 1 million besides complicating reporting and tax filing? Keep in mind that insurance could be 2 millions with no problem too then what is advantage of LLC in part of liability protection?

 

[zddoodah]

What extra can titled under LLC real estate property provide In term of protecting my other assets against possible liabilities related to it if compared with having 1 million liability coverage insurance on titled under individual name real estate property?

At this point, I'm going to guess that English isn't your first language. I therefore suggest you seek out and confer with a local attorney who speaks your native language to review your situation and advise you.

 

[Al999]

At this point, I'm going to guess that English isn't your first language. I therefore suggest you seek out and confer with a local attorney who speaks your native language to review your situation and advise you.

At this point I am going to guess that you are a racist and advise you to buzz off if you have nothing else to say besides sending me to paid service of attorneys. I knew that they exist before getting your advises. Just remain silent if you don't understand question even it is because of my English or don't have an answer for whatever other reason.

 

[Zigner]

At this point I am going to guess that you are a racist and advise you to buzz off if you have nothing else to say besides sending me to paid service of attorneys. I knew that they exist before getting your advises. Just remain silent if you don't understand question even it is because of my English or don't have an answer for whatever other reason.

My, aren't you a peach.
There was NOTHING racist in the suggestion that you see an attorney. The fact is that you don't communicate very well in written form and, even if you did, your matter is beyond the scope of this forum. Your uncalled for rudeness to a volunteer on this site doesn't help either.

Go talk to an attorney who gets paid to listen to your rude comments.

 

[Al999]

My, aren't you a peach.
There was NOTHING racist in the suggestion that you see an attorney. The fact is that you don't communicate very well in written form and, even if you did, your matter is beyond the scope of this forum. Your uncalled for rudeness to a volunteer on this site doesn't help either.

Go talk to an attorney who gets paid to listen to your rude comments.

Same advise to you if you have nothing to say besides "talk to an attorney" then PLEASE remain silent and don't flood this chain with useless answers since that option is known by default.

 

[Zigner]

Same advise to you if you have nothing to say besides "talk to an attorney" then PLEASE remain silent and don't flood this chain with useless answers since that option is known by default.

I hope you have an especially magical day.

 

[zddoodah]

At this point I am going to guess that you are a racist and advise you to buzz off if you have nothing else to say besides sending me to paid service of attorneys. I knew that they exist before getting your advises. Just remain silent if you don't understand question even it is because of my English or don't have an answer for whatever other reason.

Sigh...

If you can't communicate coherently in English, it's going to be difficult or impossible for folks on the internet -- who can only respond to you in writing and based on what you have written -- to assist you. If you can find an attorney to help you for free, that's great, but I'm not sure what you expect anyone to tell you beyond that. You want to be uppity and self-righteous about that, then I couldn't give a tiny rat's backside.

 

[quincy]

For New York, but below question is generally applies for all states.
Does it make sense of registering real estate property on LLC or Trust vs insured for 1 million against liabilities individual
in the case when property will have mixed personal use with on and off rental and possibility of selling it in the next 10 years?
Isn't it a bad combination when LLC property used by non-paying rent family member or even myself?

Do you just have a single rental property, AI999? Is it a vacation property that you will both rent out and also use for family stays a few weeks during the year?

The type of property or properties you own
can determine what your rental risks are and the type of insurance you will want (e.g., lake front property can carry greater risk).

Whether liability releases can work as well for you as forming an LLC when it comes to protecting your personal assets from a lawsuit is really something that needs to be personally reviewed by professionals in your area.

Good luck.

 

[Al999]

Do you just have a single rental property, AI999? Is it a vacation property that you will both rent out and also use for family stays a few weeks during the year?

The type of property or properties you own
can determine what your rental risks are and the type of insurance you will want (e.g., lake front property can carry greater risk).

Whether liability releases can work as well for you as forming an LLC when it comes to protecting your personal assets from a lawsuit is really something that needs to be personally reviewed by professionals in your area.

Good luck.

thank you.
The property is a second home, not vacation home. The question is not really about insurance since it will be covered by it disregards been owed by llc or individual. The Insurance will be a landlord type insurance.
The question I need an answer for can be rephrased as following:
Can titled under LLC real estate property provide additional extras In term of protecting my other assets against possible liability related to it if compared to titled under my name when both having 1 million liability coverage insurance?
Basically llc vs individual ownership both having the same insurance in just narrowed Subject of liability protection when potential claims don’t go over insurance maximum coverage.
does owing it under llc provide some extra protection? Or does it only when insurance liability coverage limit is overreached?