What is the benefit of putting rental property into an LLC? And what steps do I need to take to make that happen?

Placing rental property in an LLC helps protect your personal assets from tenant-related lawsuits and liabilities. To do this, you’ll need to (1) form an LLC, (2) execute a deed transferring the property to the LLC, (3) update leases and insurance policies in the LLC’s name, and (4) follow proper business formalities and keep your LLC current with the Secretary of State. You can then assign the LLC interest to your trust for estate planning purposes.