Eric Croak, CFP

Founder/Wealth Advisor at Croak Asset Management
On the record

Wealth Management and Investment Fiduciary Advisor - focusing on next-generation wealth transfer, business exit planning, and affluent investment strategies.

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  • But before you accept your windfall, it’s also important to consider where to actually put the money. If you put the money into a joint account, it becomes marital property, with equal ownership for both spouses; put the money in an individual account, and that partner will be considered the sole owner. It’s important for asset protection and tax planning as well. If one spouse has a higher likelihood of being sued or chased by creditors, then they may want to keep assets out of their name for increased protection.

    24 August 2022
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