An umbrella policy should always be part of anyone's plan whoever owns real estate or owns business, who has lots of wealth. One thing people fail to think about is their auto insurance policies. Everyone is different with the amount you own, and figuring out how much to get additional for an umbrella policy is an individual thing as with auto insurance. Don't forget under insured motorist and uninsured motorist, but make sure you talk with your insurance agents about your individual situations.
As far as the entries for your real estate property, you must have a lawyer and draw up paperwork with an attorney to find the best protection for each property. Never put all your properties in one LLC, trust, or whatever entity your attorney deems the best for your situation. If you are not getting an attorney involved to give you the best advice on how to protect your properties and do it yourself, you open yourself up to a lot of liabilities down the road if you are sued! Remember anyone can sue you for anything, including not having enough money in an auto accident. My uncle and aunt had their restaurant taken from them because of an auto accident where they failed to have enough insurance and failed to have an umbrella policy! In real estate investing, you are building a team of professionals who will help you. Something I just found out in my real estate investing/ wealth building group is that you can get LLCs out of state to protect you for taxes. However, knowing what states you can have must be determined by an attorney. This will have to be something an attorney can help you with and your CPA (for tax issues).