Jerry Taylor outlines four moves to protect wealth in a downturn: put your home in a trust to shield it from creditors, move bank accounts and investments out of your name, avoid buying assets as a business owner, and transfer rental properties to an LLC to limit liability from tenant lawsuits.
When the economy starts going sideways, there are 4 things you need to be thinking about. The first thing is your home. Get that home out of your name. You need to get it into a land trust, a residence trust, or just an irrevocable trust where you no longer own the home, the trust owns the home, and it's protected from creditors. Number 2, your bank accounts, your investments. Again, get those things out of your name. Number 3, if you own a business, this is not the time to be ramping up your business and buying lots of assets. Number 4 would be rental properties. Again, if those are in your name, you've got to get them out. In an economic downturn, this is the time that a tenant might be suing you as the landlord. You want to put those into an LLC or a particular kind of trust.
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