Trust protection - Landlord Forum thread 352860

Trust protection by Lisa (Ny) on June 20, 2017 @20:56

I'm worrying about a possible tenant lawsuit. Should I place my house in a trust to protect it from lawsuits? It's just a 2 family house, but I'm worrying about losing it one day.

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Re: Trust protection by Anonymous on June 21, 2017 @00:28	[ Reply ]

A Trust will not protect you from lawsuits.

Re: Trust protection by tracy on June 21, 2017 @07:08	[ Reply ]

Look into a umbrella policy. A million dollars coverage only cost a few hundred dollars a year. Raise the rent a little to offset the cost.

Re: Trust protection by Anonymous on June 22, 2017 @09:16	[ Reply ]

A trust would not protect you as you believe. If you, for example, caused a wreck that killed someone, the trust or even an LLC could be gone after for damages.

Re: Trust protection by Joel on June 22, 2017 @14:10	[ Reply ]

Be sure your rental dwelling policy is in force. As long as you are not in a serious negligent position, they should cover you.