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I’m establishing an LLC in just my name, would it be a good strategy to put all our personal bank accounts and investments in my wife’s name?

By: Bill Wortman

 

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I am in the process of setting up my home based LLC. I am married, but I will set up my LLC in just my name. Even though I will have an LLC to protect my personal assets, would it be a good strategy to put all our personal bank accounts and investments in my wife’s name? This way if something happens and they do try to come after our personal assets, it’s not in my name and I will be even better protected?

 
Answer:
Personal trusts and other measures can be used to provide additional layers of personal asset protection; however, measures to hide assets from creditors and other parties, for example, can be ineffective due to the courts’ right to reverse transactions under certain circumstances. Before closing your personal bank account, changing the ownership of any personal assets, or taking other measures to possibly protect your personal assets, we strongly recommend that you consult your insurance agent and lawyer to review your personal asset risk concerns, to identify the proper business and personal insurance for your situation and to determine what other measures should be considered to legally protect your personal assets as a business owner. For consideration with your lawyer, you can review the following example articles and discussions regarding LLC limited liability protection, hiding assets, and related topics:
Hiding Assets:
Corporate Veil Information:
Fraudulent Conveyance:

Published: June 17, 2014
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Bill Wortman

As the Chief Business Consultant at BizCoachingOnDemand.com, Bill has over 40 years of business experience. He's held multiple executive-level positions and fulfilled the role of CFO at large, publicly-held (NYSE, NASDAQA, and AMEX) corporations. In addition, he's also been an owner of several successful private ventures in real estate and in the automotive industry.

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