Legal Question in Wills and Trusts in Washington
Protecting Assets
My wife and I recently switched our sole propreitorship of five years in Washington State to an LLC, protecting our personal assets. We've never had any problem customers, judements, etc. but wanted to protect ourselves. I know that does not protect work we did before becoming an LLC however. My main concern is protecting our ranch/home (my woodworking business is located on this property also). Is there a way to set up a trust so that if anything every did happen it is not touchable?
Thank you very much for any responses. We used a local attorney for doing the LLC process but when I asked him this question just received a blank stare..??
2 Answers from Attorneys
Re: Protecting Assets
You are probably going to want to have a trust set up, and virtually all of your assets transferred into it. You need to find an attorney who does them (not me).
Re: Protecting Assets
Your question is great but the answer isn't a matter of a couple sentence response. Certain trusts might work for you but some of those trusts might not be right for you. Some are restrictive and would be irrevocable in nature. I suggest sitting down with an experience estate planning attorney to discuss your options.
Remember, I'm an attorney but I'm not YOUR attorney. Only a thorough review of your situation by a competent attorney after an attorney-client relationship has been established will result in an informed legal opinion.
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