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You have to be very careful when you transfer assets between you and your wife. First of all, if you transfer assets in an effort to hide them from tax authorities, you are committing a crime. It is tax fraud. And it may not work anyway!
If you file a joint return, both you and your wife are liable for 100% of the tax. So the IRS and the state can come after both of you for 100% (not 50%) of the tax. The assets that each of you own are fair game for the IRS and the state tax authorities to come after. So you transferring a business to your wife would not achieve any safety for your assets as long as you file a joint return.
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