Four ways to protect your assets when the economy stalls: put your house in a trust, move bank accounts and investments out of your personal name, avoid big purchases during downturns, and put rental properties in an LLC to shield yourself from tenant lawsuits.
When the economy starts going sideways, there are 4 things you need to be thinking about to take care of yourself, your assets, and your business. The first thing is your home. Get that home out of your name. Depending on the state you're in, 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. Then if things get bad, they can't get you the house. 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. These are 4 areas you need to be paying close attention to when the economy is in downtime.
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