22
Nov
Protecting an Inheritance from Creditors
Fact Scenario
George is a businessman whose business has not been doing well lately. He has decided to put the business into bankruptcy. Due to the nature of his business and some of his creditors, he will have some personal liability which will also require him to declare personal bankruptcy.
Fortunately for George, when the business was doing very well, he and his spouse arranged their affairs so that most of their personal assets were owned by his spouse, Sally, who is not involved in the business and has no personal liability with respect to the business.
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