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Gateville Law Firm

Yorkville Estate Planning Lawyer for Landlords and Real Estate Investors

Attorney in Kendall County for Transferring Investment Properties to Future Generations

Those who hold interests in for-rent real estate property must carefully balance the risks of their investments with the potential profits—which can be substantial. Landlords and investors must also prepare themselves for the time when they will no longer be around to manage their properties and holdings.

If you are a landlord or real estate investor, the team at Gateville Law Firm is here to help you with the necessary planning to protect your revenue streams and pass your holdings on to your intended heirs. Our experienced attorneys will work with you in developing a strategy and choosing the right estate planning tools to help you accomplish both your short-term and long-term goals.

Important Estate Planning Considerations

When most people think about estate planning, they tend to only think about handing assets down through a will or trust. While passing on assets is an important part of estate planning, it is important to take steps to protect your investments now so that you have to something pass on in the future. There are many different ways that you can protect your real estate holdings and pass them on to future generations, including:

  • Protecting your assets: Owning an investment property places you at risk for financial obligations and lawsuits, including premises liability claims, landlord-tenant disputes, and city building code violations. If the property is held in your name as a private individual, you could be on the hook for any liabilities that arise. Many property owners have formed limited liability companies (LLCs) under which they hold their investment properties. An LLC protects privately held assets from being vulnerable in actions against the property. Additionally, you may wish to purchase liability insurance for your properties to offer additional protection.
  • Hope for the best, plan for the worst: What would happen to your rental properties if you were to become mentally or physically incapacitated tomorrow? Our team can help you find a trusted person to act on your behalf and formalize that arrangement through a power of attorney. On the other hand, what if something terrible happened to the property itself? Do you have funds set aside for repairs or to pass on to your heirs in place of the property? We can assist you in setting up a trust or savings plan that will allow you to make the most of the income you are currently receiving.
  • Passing on the benefits: If you want your children or relatives to continue receiving income from your investment properties in the future, you will need to make the proper arrangements in your estate plan. Depending on your unique circumstances, you might consider forming an LLC—if you have not already done so—or establishing a real estate trust. You can also leave certain instructions in your will to ensure that your loved ones will be able to keep the investment properties for generations to come if they so desire.

Attorney Sean Robertson is a skilled real estate attorney who understands the importance of comprehensive estate planning. He and his team will help you create a customized plan that protects your holdings and the best interests of your intended heirs. We will also prepare all of the necessary documents and ensure they are properly executed and filed. Our goal is to help you and your loved ones enjoy the security and peace of mind that you deserve.

Call 630-780-1034 for a Consultation Today

For more information about our firm and how we can help you address your estate planning concerns as a landlord or real estate investor, contact our office. Call 630-780-1034 to schedule a confidential consultation with a member of our team today. We serve clients in Yorkville, Oswego, Bristol, Newark, Plano, Kendall County, and the surrounding areas.

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