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Plugging the Holes in Asset Protection Plans

An increasing number of Americans are transferring personal ownership of residential property to trusts, limited liability corporations (LLC), limited liability partnerships (LLP), and other entities designed to protect assets or take advantage of favorable tax treatment Although transferring residential and other real property to an entity can provide numerous benefits, it might also result in an unintended lapse in insurance coverage for both the families transferring the property and their professional advisors. Although it is impossible to document with precision how many trusts and other entities are created each year for …