Anonymous Asset Protection
One type of asset protection prevention of future lawsuits by anonymity. Anonymity, in this case, simply refers to owning your property anonymously. The goal is not to be able to trace the asset to your name and prevent future litigation by looking like you qualify for food stamps! Instead of using your name to identify the property, you would give it a completely different name that has nothing to do with you. Once an asset is traced to you, it loses its anonymity status.
What Are My Options for Anonymous Asset Protection?
- It all starts with taking your name off ownership. To do this, we usually use Land Trusts to own real property. This is an easy first line of defense for you. At first glance, no one would know or assume the property is yours unless they take a gamble because they believe you are the owner. What attorney would take that case on contingency?
- Use a Limited Liability Company (LLC). With this option, you would only have to put the LLC name on the title. You would not have your actual name on the title, so it would be more difficult for someone to attach the property to you. However, it still would not be impossible to find out because you would eventually have to use your name on forms when you register the LLC in the state of California.
- Another option is to open the LLC in a state that does not require your name to be on initial documents. You could open this LLC in that state, such as Wyoming, and then open another in California. The California LLC would technically be owned by the LLC that you initially opened in the other state. This would grant you the anonymity you desire.
Can I Still Be Sued With Anonymous Asset Protection?
Absolutely. If someone knows this is your property, they can sue you. If you already have a judgment against you, you will likely be called in for something called a judgment debtor exam, where you will have to identify all of your current assets. There’s no way really around it, but you can continue to protect your assets with the barriers suggested above.
Your next step is to join our facebook group called “Parents Protecting Assets in California”. We provide valuable information on protecting assets from future in-laws and creditors!