Hiding Your Assets ?
A number of people who want to protect their assets either assume (or are told by scam artists) that they are able to protect their assets from judgment creditors by hiding them. This assumption is false and in the long run, dangerous for two reasons.
First, this will not work for immovable assets, such as home, business, pension plans or real estate. Hiding these assets is physically impossible; many people try to transfer their assets to friends or family when they are in trouble. This will not work either. This is a potential fraudulent conveyance.
Second, if anyone should try hiding movable assets such as cash, stocks, bonds or other securities, they would have to commit perjury in a court of law to keep them hidden. Reporting requirements and IRS and tax statements are all discoverable. The judgment creditor is able to thoroughly investigate (including taking a deposition), any financial statements and even tax returns to identify and locating assets.
Should any interest have been reported, along with dividends, royalties or related tax deductions, for any movable assets on a tax return, this asset protection scam will be found and the individual will be asked as to what happened to the assets. If the debtor lies, he would be accused of perjury.
The creditor will also ask for any financial statements the person may have used to secure credit, and those statements may disclose the existence of the assets he may be trying to hide. Paperwork covers the trail of every asset a person has ever had.
There is a much better solution to every problem than hiding your assets. An Asset Protection Plan can give you the security and privacy that you are looking for. Call Trustmakers for a free 20 Minute Consultation.
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