Trust Document
I own a business and I would like to know if I should put our home and other assets in the name of a trust, in case the business goes bankrupt?
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Read More Answered By: Judith Deming |
Re: Trust Document Even if you do, that provides zero protection, as in a bankruptcy you must list all interests in trusts, etc., anyhow. If you own an interest in a trust, that interest becomes an asset in any bankruptcy. And, in case you may wonder how will the bankruptcy court find that you own an interest, where you reside and the ownership of your residence will be an issue in any bankruptcy. Moreover, any effort to "hide" an asset is a violation of federal law and can subject you to extreme punitive measures. You must also list any transfered assets within the recent past when you file bankruptcy...and transfers to avoid payment of creditors and just debts is, in and of itself, grounds for a lawsuit in or out of bankruptcy. The bottom line is that owning and operating a business comes with risks and responsibilities and unless you are willing to stand up and accept those responsibilities, you should not be in business. |
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