How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Michael Bradley Your Own Question
Michael Bradley
Michael Bradley,
Category: Legal
Satisfied Customers: 1057
Experience:  Owner at The Protection Group LLC
99092957
Type Your Legal Question Here...
Michael Bradley is online now
A new question is answered every 9 seconds

I am expecting the IRS to try and take my semi truck and

Customer Question

I am expecting the IRS to try and take my semi truck and trailer, which I own outright. If I start an llc or form a gen. Partnership in Crestview, FL, will I be able to have in my possession, the titles to both, showing the llc or partnership.as the owners? Thanks! *****
Submitted: 2 months ago.
Category: Legal
Expert:  Michael Bradley replied 2 months ago.
Legally, that is something that you can do. You can open up an LLC and put assets into the name of the LLC. However, that does not mean that the IRS may not still try to seize the vehicle. They can try to argue that the asset was moved to avoid it being seized. If you are going to do this, I would suggest that you do this right away and then it would be up to the IRS to figure out whether it was done to avoid their attempt to collect.
Customer: replied 2 months ago.
There are 2 letters they send . First one is a 90 day intent, to be second , a 30 day gonna do it... I've yet to get the first letter...my original question was , in the state of FL, will I be able to have and hold both titles that show the name of the Llc as the owner?
Expert:  Michael Bradley replied 2 months ago.
Since you have not received either letter yet, then you can transfer those items into an LLC that you have created. You can be the sole member of that LLC. That can potentially give you an additional layer of protection. Since the IRS has not sent anything yet, then I would do that ASAP since you can argue that you are not doing it to avoid the IRS. However, you really need to do that quickly
Customer: replied 2 months ago.
Sorry,
Maybe I am not being clear enough... "my original question was , in the state of FL, will I be able to have and hold both titles that show the name of the Llc as the owner?". How do I go about doing that? Thank you.
Expert:  Michael Bradley replied 2 months ago.
Have you set up LLC yet?
Customer: replied 2 months ago.
No, not until I finish my research. Then I'll proceed.
Expert:  Michael Bradley replied 2 months ago.

You need to open your LLC.

You can absolutely set up an LLC and transfer both of those items into the name of the LLC. That will give you a level of protection against and IRS intercept. However, you need to do it before you receive any from the IRS