Limited Liability Companies For Dummies, 4th Edition

Chapter 16

Using LLCs to Cover Your Ass(ets)

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 most of it away? If you think this chapter doesn’t apply to you just because you observe good business practices, think again! Lawsuits have gotten out of hand in this society, and no one is exempt. Owning something valuable 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, 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 safe. Doing so now is important because it’s ...