Why You Shouldn’t Put Your Savings And Assets In Your Name

Why you shouldn’t put your savings and assets in your name. I didn’t know this until the day my Dad stopped me with my first pay cheque.

I had done everything right, got paid, went to the bank and deposited everything in my name.

My dad looked at me and said, “you just put a target on your back”.

I had no idea what he meant. He explained that the moment your money sits in your name, you are exposed.

Creditors can see it, lawyers can find it.

Anyone with a judgment against you can freeze it and take it, completely, legally. So here’s what he told me to do instead.

What the wealthy have been quietly doing for decades.

Step 1. Go to irf.gov and apply for an EIN a tax ID number for a trust instead of a person

Step 2. Select Revocable Trust as your entity type. List yourself as both a guarantor and trustee, you keep full control of everything

Step 3. Take that EIN to any bank and open an account under the trust’s name, not yours.

The money is still yours; you spend it, invest it, move it however you want, but on paper it’s not attached to you. If someone sues you, they cannot touch what they can’t see.

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This is the system the wealthy has always used – own nothing on paper, control everything in reality.

My dad learned it from the books and it changed how our entire family thinks about money.

Grab it: the difference between the wealthy and the poor isn’t income but what they know that nobody is willing to teach you.

-‘Why You Shouldn’t Put Your Savings And Assets In Your Name’ is courtesy of Victor Wealthy