Real Estate Involves Real Risk
- Posted in: Asset Protection
One of the many ways that wealthy families accumulate and keep wealth is through real estate. Despite the ups and downs of the real estate market, the value of real property continues to grow over the long term.
Real estate is often considered a comparatively easy way to maintain and grow wealth because it doesn’t require the kind of daily attention—or stress!—that a business demands. Depending on the type of property, real estate typically requires duties that are annual or month-to-month, such as maintaining the physical structures, paying property taxes, making insurance payments, getting updates from property managers, and the like.
What real estate investors might be slow to realize is that property ownership carries with it significant liability risks. Unless the precautionary measures are taken, one small misstep can result in the loss of all your real estate holdings. Imagine it, one person slips and falls in front of one of your properties, and suddenly ALL of your holdings, including your home are at risk.
Preventing this kind of mess is not as difficult as you might think—for example, putting each of your properties in its own separate legal entity is one technique that should be used to protect all of your properties (and yourself) from liability and lawsuits. Our firm can help you with this and other asset protection techniques.
We know how important it is to keep your family and your finances safe, and we are dedicated to helping you achieve that security. Call our office and let us tell you how we can put our expertise to use for your benefit.