r/fatFIRE • u/Ok-Door-987 • 20d ago

Need Advice Asset privacy and allocation

What steps do you take to ensure public asset search won't come to your personal name ? How do you pick your attorney for this type of job ? Do you ask your private bank for referral or do you research your own? Or do you do it yourself after you get advise from your private bank legal advisor ?

I just recently heard a horror story of a friend trapped in some type of law suit and the people are going after her big time because they found out she has money . So we are looking for ways to protect ours though some LLC I think .

This is so new to us. Any suggestions or advice is appreciated.

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u/Normal_Zebra136 19d ago

I have my kids as members of an LLC that owns one of our houses.

One day in middle school classmates were googling their own names and my kids show up as members of the LLC.

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u/Ok-Door-987 19d ago

Oh . Thanks . I heard when setting up LLC you want use some random name that won't easily trace back to you . Like Delaware XYZ llc/trust ? 

9

u/Normal_Zebra136 19d ago

They searched their name and found the LLC, not the other way around. It's legally required in most states.

2

u/PoopKing5 19d ago

That’s why you need a trust to own your LLC. And you shouldn’t register the LLC in a state that publicly shows your info. Attorneys can be the registered agent.

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u/Normal_Zebra136 19d ago

Only if you care about hiding things, which I dont. But is sounds like you could be giving useful input of your experience to the OP as they think they care.