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Reply to "Should I put my rental property in an LLC?"
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[quote=Anonymous]I only own one rental property, which is a condo in Montgomery County worth about $650,000. It is paid off and this accounts for a significant percentage of my net worth. I’ve never had any problems but I’m just concerned about the remote possibility that somebody could slip and fall or something like that and then sue me. I’m wondering if there’s any advantage to moving the property into an LLC or some other entity. It is currently simply in my name. I would prefer not to do this to avoid the legal cost and possible increased charges from my accountant at tax time. Is something like this necessary or advisable? Should I get an umbrella policy instead? Thanks for your assistance.[/quote]
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