Do you need an LLC for your house hack stack? We get this question so often that we put together a panel of experts to walk you through the process and figure out when is the best time to put your assets into an LLC. Estate Planner Pam Maass Garrett of Law Mother, Byron Elliott of 3 Pillars Law, and House Hack specialist Ben Einspahr with Envision Advisors joined me to talk about the three phases building your house hack stack, asset protection, finance and tax basics, plus estate planning.
House Hacking can be broken down into three distinct phases: when buying, while living there, and after moving out. The protections you’ll need and the benefits of owning real estate in your own name will differ during these phases. Putting your property into an LLC too early can leave money on the table. On the flip side, keeping your house hack in your name as you build your house hack stack can open you up to liability after you move out.
Whether or not you put your house hack in an LLC, there are other asset protection measures you should be aware of as a landlord, from getting the right insurance to tracking all of your expenses. Check out the webinar to hear more of the details and connect with our experts when you’re ready to start the asset protection and estate planning process.
Watch the Webinar
In This Webinar We Covered
- The three phases of house hacking—buying, living in it, and moving out—and when you should put the house in an LLC
- What to be aware of when you transfer the title into an LLC, especially the due on sale clause that’s probably in your mortgage document
- The cost of setting up and maintaining an LLC and why it’s a good idea to hire a professional to help you through the process
- What’s the best system for tracking expenses and receipts?
- The importance of good insurance and making sure to check the exclusions on your policy before there’s a problem
- Is insurance the same for short-term and long-term rentals?
- When you should start the estate planning process—surprise! It’s earlier than you think.
Connect with Pam Maass and Law Mother:
- Connect with Pam Maass of Law Mother:
- Schedule a complimentary 15 minute call: https://lawmother.com/Go/
- Phone: 720-706-0036
- Email: [email protected]
- Website: https://lawmother.com
Connect with Byron Elliott and 3 Pillars Law
- Connect with Byron Elliot of 3 Pillars Law:
- Phone: 303-284-3850
- Email: firstname.lastname@example.org
- Website: https://www.3pillarslaw.com/