Posted by Bruce on March 18, 2004 at 10:50:23:
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private lender question - Posted by Steve
Posted by Steve on March 18, 2004 at 10:45:21:
How should I protect my private lender in the event of my
death? Thanks!
Re: private lender question - Posted by eric the wunderwurm
Posted by eric the wunderwurm on March 18, 2004 at 21:07:56:
He’s already protected if he holds the 1st on a given property. Don’t waste money on life ins. for a private lender. Just make sure your estate planning is up-to-date so when you kick off your properties will transfer quickly. Better yet, hold title via LLC, etc. and have your bus. partner or someone else in the LLC pick up when you move on; mortgage unaffected.
Re: private lender question - Posted by jasonrei
Posted by jasonrei on March 18, 2004 at 10:55:14:
Get life insurance naming lender as beneficiary. Give someone you trust instructions on what to do when you die.