BiggerPockets Money Podcast The Ultimate Guide to Asset Protection: LLCs, Insurance & Partnerships
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Jun 3, 2025 In this engaging discussion, real estate attorney Bonnie Galam, who specializes in asset protection and estate planning, dives into the crucial topic of safeguarding investments. She reveals the two sides of asset protection, emphasizing proactive measures over reactive ones. Bonnie addresses whether LLCs are necessary for rentals and explains the importance of tailored insurance coverage. Listeners will gain insights on estate planning, the risks of equity partnerships, and how personal events can jeopardize properties, all while learning actionable steps for securing their portfolios.
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Top Two Risk Factors
- The two biggest risk factors in America are car accidents and divorce for asset protection.
- New investors should first focus on insurance and prenuptial agreements to mitigate these risks.
Combine LLC and Insurance
- Use both LLCs and insurance; they serve complementary defensive roles.
- Insurance usually offers better protection by covering legal fees and settlements.
Avoid LLCs for House Hackers
- For house hackers, avoid LLCs to keep primary residence tax benefits.
- Rely instead on insurance and keep property ownership simple for flexibility and tax reasons.