Protecting Assets
This isn't aviation related law, but I figure more than a few pilots own rental properties and are familiar with protecting their assets.
I ended up in a jury (those of you who lurk are painfully aware). Turns out I was the alternate, so I didn't get to deliberate. Anyway, I was amazed at the punitive damages they awarded the plaintiff.
I am about to buy a rental property (my first). What do I need for protection? It's a 3 bed/2bath that appraises around $130,000. I have a quote for liability insurance (for $300,000) and am considering an LLC. Do I need the liability for the LLC or for myself personally? Should I put my own house in a separate LLC? The way I understand it LLC's basically protect personal assets? Is liability on the rental enough? I guess just how it all works!
It's a little discouraging to try for a plan B, intend to be a conscientious landlord and know some jury can take it all away if someone slips on ice, falls and hurts themselves. Okay done whining now...