There are many reasons why you may want to know how to hide property ownership, and a reputable attorney can explain. Call the Law Office of Paul Black today!
Can You Keep the Ownership of Your Property Private?
It’s never too early to start planning for your family’s future.
If you have questions, I’m here to help. There is no commitment and we provide free initial 15-minute phone calls. We look forward to meeting you.
If you own significant wealth in real estate or chattels (personal property), you may wonder whether there are ways to keep your ownership of such assets hidden from the public.
Keeping your ownership interest private can help protect you from lawsuits in today’s highly litigious society. Most people who file lawsuits over otherwise trivial issues do so because they have an idea of the other party’s financial worth. Very few people are interested in suing people from whom they can’t get compensation. So, finding ways to keep your property ownership hidden from the public can help protect you and your assets.
It may be easy to achieve this with movable property, but it’s not so easy if you’ve invested in real estate. Real estate ownership records in Georgia are public and accessible to anyone, which may make it difficult to remain anonymous as a property owner. However, there are ways to legally conceal your property ownership, whether real or personal, from the public eye.
Keep reading to learn more about property privacy techniques and how an estate planning attorney can help shield your assets from public scrutiny.
How Can You Keep Property Ownership Private (Legally)?
There are several legal techniques that you can apply to keep your ownership of property private. They include the following:
Establishing a Limited Liability Company (LLC)
Limited liability companies are a way to make your asset ownership private. LLCs are separate legal entities from their owners and can be used by property owners to keep their identities private. An LLC can engage in real estate transactions and own investment property.
If you establish an LLC to help keep your property ownership from public records, you can either buy a new property in the company’s name or transfer your existing investment properties to the company. You can also use LLCs to manage your rental property privately without the knowledge of your tenants.
You can set up as many LLCs as you want to fulfill your purposes. However, you’ll need to consult an attorney to determine whether a company’s membership forms part of your state’s public record. If the answer is affirmative, finding out who owns a company is easy, so your identity may not remain secret for too long. An attorney can help you determine whether an LLC suits your circumstances and provide possible alternatives if necessary.
Private trusts, such as land trusts, can also be used to hide ownership of property. You can establish a trust and transfer your property rights to the trust, which the trustee would manage as per your wishes. However, you’ll need to appoint a trusted person as a trustee to ensure that the terms of the trust are complied with.
To protect your identity, consider converting some of your assets to liquid cash and saving them in retirement bank accounts for the future.
Financial documents like bank statements are private and are not open to public scrutiny. In this case, the bank alone is aware of your assets. Since the banker-customer relationship is primarily fiduciary, the bank has a duty to keep your records confidential unless disclosure is required under the law.