+ Reply to Thread
Results 1 to 3 of 3
  1. #1
    pfcs2 Guest

    All assets in wife's name?

    In case of a possible IRS audit on my spouses' business - located in Tennessee (we are currently not expecting one - no problems right now - this is to prepare us in case of one) - Should we put all our personal assets in my name to protect them from being used for $$ to pay any penalties/interest etc. if an audit was conducted and his business was found to owe $$ to the IRS for whatever reason. We file jointly****************************...as far as the business goes - my husband is the sole proprietor (signs all 1099's - all business related insurance is in his name etc.). My name is on the business checking acct. for emergencies only - I probably sign 1 - 2 checks each month when he isn't available......my name has only been on this acct. for less than 1 year. This is the only thing my name is on in relation to the business. I am currently not employed by anyone and do nothing to run the business. We are just trying to avoid a possible situation (lose the house type thing) in case of potential problems. I would rather make changes now to secure things so that we wouldn't be sued for our home etc. to pay any penalties/interest in case of an audit. Any advice would be appreciated - thank you**************.
  2. #2
    loku Guest
    You are talking about long-range tax and asset planning. That is a thing that should be carefully worked out by a CPA or tax attorney, who can look at your books and your entire situation. There is more to this than you could get over the Internet.

    If your are concened about this, the fee you pay will be well worth it to know it is done correctly.
  3. #3
    pfcs2 Guest
    Thank you loku....I have called and made an appt. with our CPA

Similar Threads

  1. No assets to wife?
    By Gianni123 in forum Wills, Trusts and Estate Planning
    Replies: 4
    Last Post: 09-24-2005, 12:02 PM
  2. my wife taking control over my assets
    By emarzouka in forum Divorce, Separation & Annulment
    Replies: 0
    Last Post: 07-24-2005, 01:25 PM
  3. Wife to file BK with no Joint assets except
    By rreed123 in forum Consumer Bankruptcy
    Replies: 3
    Last Post: 03-03-2005, 06:08 PM
  4. Protecting New Wife's Assets
    By dieselsmom in forum Child Support
    Replies: 1
    Last Post: 02-16-2005, 04:40 PM
  5. Protecting My Assets from Psycho Ex-Wife
    By jeanine in forum Marriage, Domestic Partnerships and Other Family Law Matters
    Replies: 1
    Last Post: 01-18-2002, 08:54 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.