What steps can I take to protect my assets from creditors?

In California, there are several steps you can take to protect your assets from creditors. The first step is to draft a Living Trust, which is a legal document that transfers ownership of your assets into the trust. This prevents creditors from having access to your assets, since the trust is not considered part of your estate. Another step you can take is to create a Limited Liability Company (LLC). An LLC is a separate legal entity that provides asset protection from creditors. This legal structure prevents creditors from making claims against your personal assets and allows them to only make claims against the assets of the LLC. You can also look into asset protection products, such as annuities or asset insurance. An annuity is a contract between an insurance company and an investor to provide a steady income stream over an agreed-upon period of time. Asset insurance is a type of insurance policy designed to protect your personal assets in the event of a judgment or lawsuit. Lastly, you can establish a self-settled trust. This trust allows you to retain control of your assets while also protecting them from creditors and allowing for tax advantages. By taking these steps, you can protect your assets from creditors and have peace of mind knowing that your financial future is secure.

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What steps can I take to protect my assets from creditors?

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