WCI #336: Asset Protection In Real Estate Investing

Oct 12, 2023

Topics include: renting out a property, buying a house, estate planning, home office deduction, long term care insurance tax in California, real estate updates from MLG, asset protection, adding an LLC to a title insurance policy, calculating net worth when buying a house, current state of real estate, real estate investment funds, navigating tax situations in real estate, avoiding real estate scammers, heritage trusts in estate planning, challenges for doctors in California

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ADVICE

Rental Property LLCs

Place rental properties into LLCs for liability protection.
Consult state law to understand LLC external liability protection.

INSIGHT

LLC Limitations

Maryland and DC do not limit creditors to a charging order, even with LLCs.
LLCs offer less external liability protection in these areas.

ADVICE

Net Worth Calculation

Calculate net worth by adding all assets and subtracting all liabilities.
Include the full house value as an asset and the mortgage as a liability.

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Today we tackle your questions about renting out a property, buying a house, estate planning, and the home office deduction. We also talk about a new potential long term care insurance tax in California, much like the tax in Washington State. We also have one of our real estate partners on to update you about what is going on at MLG and to help answer a few of your questions.

I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!

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