There are many ways to protect your assets:
-Transfer your assets to your spouse. However, there are MANY factors to consider with this option including the health of the marriage and estate taxes.
-Statutory exemptions from enforcement of judgments. In Illinois, creditors cannot get your residence if the equity is below $7500 for a single person or $15,000 for married persons.
-Limited liability companies. If you own a business, you should strongly consider forming an LLC. This will provide protection for you in a variety of ways.
-Tenancy by the entirety (a form of holding property). Must be married and it must be your personal residence. The creditors of only one of the spouses cannot get the property.
-Living Trusts. You can set this up so that your creditors cannot get the trust assets.
If you are interested in any of the above, contact my office. This is not intended to be legal advice - ALWAYS consult an Attorney before acting on any information on this blog.
Bradford Miller Law, P.C. is a law firm based in Chicago, IL. Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning. For a free consultation, call the office at 312-238-9298.
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