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Green estate planning, buy apartment building, life insurance

Mr. and Mrs. Green have come to you for advice regarding their estate. They have several questions, which are listed below. They would like your advice regarding estate planning, including a will and/or a trust. Prepare answers to Mr. and Mrs. Green's questions below. Be as detailed as possible and use documented research to support your answers.

The Greens are buying an apartment building. They know nothing about landlord-tenant relationships. Advise them on what they need to know by evaluating the duties, responsibilities, and liabilities of landlords and tenants. Also, explain what type of insurance they need.

Should the Greens have life insurance? If so, what kind? What other types of insurance do you recommend for them personally and for their businesses?

Solution Preview

Advise them on what they need to know by evaluating the duties, responsibilities, and liabilities of landlords and tenants. Also, explain what type of insurance they need.

They should make sure that they have a maintenance person that can fix all of the plumbing, electric work, etc. around the building. They should also have gardeners and accountants to manage their bills and receivables. If they can not do this themselves, than they might want to invest in a Property Management company. A Property Management company will also provide credit screenings and applicant screenings for new and upcoming tenants. They will also collect the rent and help with the basic stuff such as taking all the calls from the tenants and relaying the messages ...

Solution Summary

This solution discusses buying a home and buying life insurance and other types of insurance.

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