Limited Liability Companies For Dummies, 3rd Edition

Chapter 17

Using LLCs to Cover Your Assets

IN THIS CHAPTER

Recognizing who can come after your assets

Understanding how LLCs protect your assets

Looking at some easy asset protection strategies

This chapter very well may be the most important one you read. After all, why would you want to work so hard to build your future only to have someone else take away all the assets you’ve accumulated? If you think the fact that you observe good business practices means this chapter doesn’t apply to you, think again. Lawsuits are getting out of hand in this society, and no one is exempt. Simply owning something of value puts you at a much higher risk than even the shadiest businessman. After all, the term frivolous lawsuits exists for a reason; lawsuits don’t need to be soundly based or even well intentioned.

A lot of people are looking to get something for nothing. Unfortunately, that means that hardworking folks like you, who have built up a sizeable nest egg, are a target. Aside from buying expensive insurance policies that, when it comes down to it, may or may not have your back, the only thing that you can really do to protect yourself is to plan ahead and structure your assets so they’re ...