We own rental properties and want to add liability protection. If you start a LLC do you have to transfer title to the LLC? Or can you write new rental agreements using the LLC to protect your personal assets?
1 Answer from Attorneys
Yes, in order to achieve the intended asset protection, you have to actually transfer title of the property into the LLC. You should really pay to sit with an advisor face to face to talk about this so you can get it right the first time, and then you won't need as much help going forward. There are a lot of moving pieces to consider, and you don't want to ruin any tax advantages in order to get asset protection.