A lawyer explains how to shield assets from lawsuits by putting rental properties into LLCs, then into trusts under different names. Land trusts and trusts holding savings accounts offer similar protection without your name attached.
One of the best ways to protect what you have is to own nothing personally. If your name is not on the title of the assets that you have, you've got a much better chance of keeping them. If you were to get sued, most every asset that you own in your name is fair game. Do you have rental property? Hold it in the name of an LLC and put that LLC in your trust. And neither your LLC nor your trust should have your own name in it. And if you're in a state that provides for land trust, they are perfect to protect your assets from lawsuit. Savings accounts, investment accounts, hold them in the name of your trust. And you can name your trust anything you want.
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