Protect non-exempt assets
It is a good idea to avoid holding non-exempt assets in your name. There are several ways to hold assets without technically owning them. You can hold your car in a title holding trust, hold your rental property in a land trust, hold your cash in an IRA, life insurance policy, or annuity, and hold your other assets in offshore trusts. Protecting your assets is crucial, whether you own a small rental property or a multi-million dollar business. The aforementioned strategies can help you safeguard your hard-earned assets against lawsuits, bankruptcy proceedings, and other risks.
