Conversations involving estate planning and business planning always go hand in hand when you work with our team at Cavitch, especially when real property is involved. We have robust business law and estate planning practices, which makes us your only necessary stop for all of your estate planning, asset protection, and business planning needs.
A Limited Liability Company (“LLC”) is an entity which protects the LLC owner against personal liability in the event of a lawsuit. It can be taxed as a sole proprietorship, partnership, C corporation, or S corporation, which provides for flexible tax planning. The most common use for an LLC with our estate planning clients is real estate investing. Today, real estate investing is becoming increasingly common and can often lead to high profitability. With that, we often caution, comes high exposure to potential liability. Generally speaking, when real estate is titled in an LLC, your personal assets are protected against legal liability in the event of a large lawsuit. Ohio is one of the states which offers significant personal asset protection for owners of LLC’s which is why we frequently utilize this tool.
If you own real property that you do not use as your primary residence, whether that be residential or commercial rental properties, vacant land investments or vacation homes, we strongly encourage you schedule a meeting to discuss asset protection and how it can fit into your overall estate planning goals.