A man has come online to share reasons why one should not open a bank account in his/her name.
The X-user said he wasn’t aware of this until the day his dad stopped him on the day he got his first paycheck. He had gone to the bank, opened a savings account in his name and deposited the whole money there. After which his boss told him that he had just placed a target on his back – “then I had no idea what he meant”.
He then explained to him that the moment your money sits in your name, it’s exposed. Creditors can see it, lawyers can find it, anybody with judgement against you can freeze it and take it legally.
So he shared what one should do instead:
Step 1, go to the IRS and apply an EIN. A tax ID number, but for a trust instead of a person.
Step 2, Select a revocable trust as your entity type. List yourself as both the grantor and trustee. It gives you full control of everything.
Step 3, take that EIN to any bank and open an account under that trust name, not yours.
He adds that with these, the money is still yours. You can move it, spend it, and invest it however you want. Just that on paper, its not attached to you.
If someone su3s you they can’t touch what they can’t see
“This is the system intelligent billionaires have always used.
Own nothing on paper, control everything in reality.”, He concluded.
