Estate Planning and Asset Protection for Rental Property Owners
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Estate Planning and Asset Protection for Rental Property Owners
You’ve worked hard to build generation wealth through real estate, but are you prepared to pass on your assets to your heirs?
Join estate planning attorney, Noelle, to learn how to reduce the tax burden on your heirs, protect your assets, and make inheriting easy and cost-effective.
This attorney-led webinar will cover:
- Pros and cons of holding title: Individual, Joint, LLCs, Trusts
- Common mistakes in property transfers
- Gifting vs. selling vs. inheritance considerations
- The probate process and how to avoid it
- How a living trust works
- Step-up in basis and estate tax considerations to reduce tax burdens for heirs
Learn how to navigate estate planning and asset protection strategies specifically tailored for landlords and property managers. This comprehensive webinar covers crucial topics to ensure your real estate assets are protected and passed on to your heirs smoothly.
Chapter 1: Titling for Rental Property: Ownership Best Practices
Overview: This chapter delves into the various ways you can hold title to your rental properties and the implications of each. Understanding how you own your property is the first step in effective estate and asset protection planning.
- Learn the differences between individual ownership, joint tenancy, and tenancy in common.
- Discover how titling affects your liability and asset exposure.
- Understand how LLCs and trusts can be used to hold title and provide additional protection.
Chapter 2: LLCs: Inside vs. Outside Liability
Overview: This chapter explains the critical distinction between inside and outside liability and how Limited Liability Companies (LLCs) can shield your assets.
- Understand how LLCs protect your assets from claims arising outside of your rental property business.
- Learn how to structure and maintain your LLC to ensure it effectively shields your assets.
- Discover the importance of operating your LLC as a separate business entity.
Chapter 3: Strategic LLC Setup and Jurisdiction
Overview: This chapter covers advanced strategies for setting up your LLC, including choosing the right jurisdiction to maximize asset protection.
- Learn why the state where you form your LLC matters.
- Discover the benefits of forming LLCs in states like Wyoming or Nevada.
- Understand how to navigate the complexities of California LLC requirements.
Chapter 4: Trusts and LLCs: A Combined Approach
Overview: This chapter explores how to integrate living trusts with LLCs for comprehensive estate and asset protection planning.
- Learn how a living trust can own the membership interest of an LLC.
- Understand how this strategy can provide both asset protection and estate planning benefits.
- Discover the limitations of living trusts as standalone asset protection tools.
Chapter 5: Passing Property to the Next Generation
Overview: This chapter covers the best practices for passing your real estate assets to your children or heirs, including strategies for minimizing taxes and avoiding common mistakes.
- Learn why simply adding your children to the title of your property is often a bad idea.
- Discover how to use trusts to control how and when your heirs receive your assets.
- Understand the tax implications of gifting vs. inheriting property.
Chapter 6: Asset Protection Trusts for Heirs
Overview: This chapter explores the benefits of setting up asset protection trusts for your heirs to shield their inheritance from potential creditors, lawsuits, and divorces.
- Learn how to create sub-trusts within your revocable living trust that provide lifetime asset protection for your children.
- Discover how these trusts can protect assets from creditors, lawsuits, and divorces.
- Understand the importance of including strong asset protection language in your trust documents.
Chapter 7: Avoiding Probate
Overview: This chapter explains what probate is, why it's important to avoid it, and strategies for doing so.
- Understand the probate process and why it can be costly, time-consuming, and public.
- Learn how to use trusts and beneficiary designations to avoid probate.
- Discover the importance of having a well-drafted estate plan to ensure your assets are distributed according to your wishes.
Disclaimer:
The information provided during this webinar is for educational and informational purposes only and should not be construed as legal, financial, tax, or professional advice. The views and opinions expressed by presenters or participants are their own and do not necessarily reflect those of AAOA, its affiliates, partners, or sponsors.
Participation in the webinar does not create an attorney-client, landlord-tenant, or other professional relationship between attendees and AAOA or any of the speakers. You should always consult with your own qualified attorney, accountant, or professional advisor before making decisions based on any information presented.
While AAOA strives to provide accurate and up-to-date content, no warranty or guarantee is made regarding the completeness, accuracy, or reliability of the information shared. AAOA assumes no liability for any loss or damages arising directly or indirectly from the use of or reliance on such information.
By registering for, attending, or watching this webinar, you acknowledge and agree to this disclaimer and to AAOA’s Terms and Conditions.
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