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Incorporating Rental Property And Protection From Malpractice Litigation

Been the victim of Legal Malpractice? Discuss it here.

Incorporating Rental Property And Protection From Malpractice Litigation

Postby Ealhdun » Thu Aug 21, 2014 12:11 am

I am a non-physician anesthesia provider that is going to incorporate as a professional corporation for the purpose of becoming an independent contractor.  I plan to make this change as of April of 2010.  At that time I will provide my own malpractice insurance as opposed to it being provided for me by an employer.  As far as I understand, personal assets are not protected just because someone has a professional corporation(personal service corporation). I own rental property(mortgaged) and I am about to get married.  My fiance owns two rental properties(mortgaged) and we just placed an offer over the weekend for a primary residence that will be purchased together.  Can I protect his previously acquired assets in some way from any potential future litigation related to my practice as a nurse anesthetist? Should we combine our properties in a trust that owns an LLC?  Or should we purchase our new property in his name only?  It certainly will have the most potential for equity.  Also, to complicate matters, each rental property is in a different state.(TN, OH, VA). The new purchase is also in VA.

What type of attorney should we seek? Can one attorney help us with all of these matters?

Thanks so much,

Ann
Ealhdun
 
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Incorporating Rental Property And Protection From Malpractice Litigation

Postby Zigor » Sat Aug 23, 2014 4:20 am

You've asked a couple questions, so here are a couple answers.

First, you should consult with a business attorney regarding how to protect each of your professional assets from potential liability.  Most of my clients don't pool their assets, they separate them as much as possible.  For example, one of my clients owns several office buildings and each office building is owned by a separate LLC.

I have several clients who are doctors and they always separate their income property holdings from the corporation they formed to own their medical practice.

Whether you combine ownership of properties with your husband is a question I recommend you ask an estate attorney.  You should never own real estate in your own name, but there are more things to consider than I can get into here, such as to whom you wish to leave your property to and the best way to avoid probate.  An estate attorney is the best person to help you sort that out.

I hope this helps,

John
Zigor
 
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