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PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4105
Experience:  Tax professional and business consultant for 35 years.
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Is it possible to place all of my personal assets and bank

Customer Question

Is it possible to place all of my personal assets and bank accounts into a trust that I am sole trustee of or assign them to a LLC that I am sole owner so that in the case that I am sued I have limited actual personal exposure to loss of cash or assets?
Submitted: 1 year ago.
Category: Finance
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomer and can assist.
Expert:  PDtax replied 1 year ago.
Your plan won't work unless you relinquish adequate control of the assets, AND you do so well in advance of threatened litigation from a creditor looking to win a judgment.
Expert:  PDtax replied 1 year ago.
The transfer only changes the address of the assets, if you will, not who owns them.
Expert:  PDtax replied 1 year ago.
It is possible to make this transfer, but a debtor/creditor attorney must be involved to insure that your wishes are met by the trust. Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer

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