RISK MITIGATION - Protecting personal assets

[Michelle Elsaid]

Hi everyone, I'm sure we've all heard about setting up an LLC to protect yourself and assets from unexpected problems in a property. I've heard this one can be difficult to do. I recently heard ANOTHER option is to put all your assets in someone else's name. Is anyone aware of the legalities, pros/cons, of this both for the two scenarios below - assume both parties are trustworthy long term.. Married and separately owning assets, house in one name, other assets in the other name Or, single and putting asses in another family members name. I'm curious that this is encouraged and what the details are. Also curious to hear what you have done for risk mitigation on your properties. Thank you!! -Michelle