Many people operate under the mistaken belief that assets held in joint accounts and assets held by their revocable living trust are safe from the claims of creditors. This errant belief could very well cause one’s assets to be attached or paid over to a creditor or to a plaintiff in a personal injury case.
By holding assets in a limited liability company (LLC) or other legal entity, an individual may be able to protect his or her assets from the reach of creditors, thereby protecting their family’s wealth. It is important to balance and allocate assets in a manner that provides both flexibility and protection. These issues are especially important for those who own real estate, doctors, attorneys, and other individuals who may be at risk of malpractice suits or other legal claims.
Call (614) 888-4911 or visit http://www.kohlersmith.com to see how the attorneys at Kohler & Smith Co., LPA can help you and your family protect your assets.