If you own a business or own commercial or residential investment property, you should definitely consider setting up a business entity such as a corporation or limited liability company. However, you should probably keep your personal assets such as your house, stocks, etc. out of the company you set up. Use the company only for… Continue Reading
Category Archives: Asset Proection
Asset Protection 101: Be Careful With Joint Accounts
Many people set up joint accounts with spouses, children, elderly parents or business partners. But beware. If that joint account owner has a divorce, a tax lien, or gets garnished after a lawsuit judgment, all of the money in the account(s) may be exposed. In the case of spouses, joint accounts are not necessarily an… Continue Reading
Asset Protection 101: First in an Occasional Series
Begin your asset protection planning early. That is probably the most fundamental rule with such planning. You must begin and implement any asset protection planning before a judgment, lawsuit, legal claim, divorce or other threat arises. Starting after any one of these storm clouds forms is too late; asset protection planning can do nothing for… Continue Reading