Limiting your liability when you own a vacation home is smart risk management
If you are lucky enough to own your own vacation home, you may want to consider setting up a Limited Liability Company (LLC). This arrangement can protect family members from personal liability associated with ownership of the property. This is even more important if the property gets rented out to non-family members. Our friends at Hemenway & Barnes LLP, personal advisors and legal cousel, have provided the WGA’s Private Client Group with some insight on the advantages of setting up an LLC.
And speaking of vacations, the team at Chubb has provided these tips for protecting your home and family from burglary while you are away. Careful planning is key to protecting your home, your valuables from theft, and your family. Enjoy the summer!
About the Author
Bruce MacDougall is a Senior Vice President in the Property & Casualty group at WGA and leader of the Private Client Group. His responsibilities at WGA include developing relationships and serving as a resource for WGA clients in all areas of property and casualty insurance brokerage and risk management consulting.