Most people are aware of the legal protections available for protecting their primary home. Frivolous lawsuits, excessive taxation and other reasons often compel wise planners to consult with an asset protection attorney about shielding these properties. However, too many people overlook the same protections for a vacation home or rental property.
These real estate properties can present large risks for liability due to their inherent value and potential for substantial income. A Florida asset protection attorney from Mortellaro Law can work with you to shield these important properties, preserving them for your future benefit or for that of your loved ones.
The Risks of Owning a Vacation Home or Rental Properties
Many families dream of owning a vacation home that they and their loved ones can enjoy. Also, rental properties that generate income are very desirable as an alternative source of revenue for retirement or other pursuits. This extra wealth poses certain risks to owners. And, the more “toys” or amenities are provided at your property, the more risks can be involved.
Regardless of whether your vacation property is private for the use of your family or a rental for income, you should protect yourself and your property from frivolous lawsuits or other vampire creditors that could target you for exploitation. A Mortellaro Law asset protection attorney can discuss the various means you can use to legally and effectively protect yourself and your properties.
Land trusts, other revocable trusts and putting extra properties into an LLC can be very effective asset protection measures. After all, who knows when a potential incident could escalate to ruin everything you’ve worked for – you could lose it all.
Mortellaro Law Asset Protection Attorney
A Florida Land Trust can limit your liability and keep related transactions private to protect you and your loved ones. You can also combine protective measures for added layers of protection, such as assigning your Florida land trust to an LLC or partnership. Michelangelo Mortellaro is an experienced asset protection attorney who can advise you on the best protections for your vacation and/or rental properties in Florida. Contact Mortellaro Law today for more information or to schedule a consultation.