Hide Assets from Creditors (continued)
For those of you who would like another way, other than a trust to hide assets from creditors legally, consider forming an LLC or corporation. The LLC, for instance, can protect the entity, assets and the owner. You also have the option to anonymously contribute to the assets of your LLC. Other friends and family also can get involved with your entity, protecting them as well. Forming an entity provides many protections. So be sure to peruse this website for further information on how, why and when to do so.
We hope you’re reading this article because you’re already considering one of these options. This article is intended to get your thinking-wheels turning, but it’s only a primer for the wealth of information you can find browsing the site. What we need to say again and again is that there’s no time to waste. Protecting yourself now decreases the suspicion you were feverishly transferring assets at the first sight of a lawsuit.
Retirement Account Limitations
People often ask if they can legally hide assets in a retirement account. The short answer is “yes,” but it’s probably not sufficient. Keep in mind that retirement accounts are great places to hide a certain amount of money. In other words, the federal government places yearly restrictions on the amount of funds that you can deposit into these accounts. Also, access to these funds is generally crippled. Usually you will not have tax-free access to these funds until an established age, usually around age 59 1/2.
Conversely, with asset protection trusts you are giving control of your assets only in the event of a lawsuit. In other words, you don’t want easy access to your funds during a lawsuit. Easy access essentially allows the court to say “you got it, give it up.” With the establishment of an asset protection trust you retain full control over your assets but trust a trustee during litigation.
Cook Islands Trust is just south of Hawaii, and in the same time zone. The only time a trustee steps in to manage your funds is when you are in legal trouble. Think of it as giving your assets to your most trusted ally, while your husband’s mobster friends are visiting for dinner. Smart move, right?
Some people seem a bit hesitant to hide their assets in an offshore trust, and understandably so. This is only understandable because we go through most of our lives not dealing with anyone internationally except for the technical support guy in India. Now suddenly, we’re being recommended to consider putting our assets overseas. Clearly that can make the average person to ask questions.
This, though, is why the average person remains the average person. Lack of knowledge allows these people to be bullied by the system. The United States in all its glory is quite an attraction, but there are other countries with secure banking systems and political climates.
Put the Odds in Your Favor
Do the math. What if there was a 100% chance of the courts taking your money if you left it in the bank down the street? What if there was a way to provide nearly 100% certain protection of that same money by keeping in an offshore trust? And what if you could have online viewing and debit card access to your funds 24 hours per day? Don’t let fear of the unknown leave you on a street corner with your pockets hanging inside out. Educate yourself. Then take action.
Hide Assets in the Safest Banks
Ever search for “world’s safest banks?” Can you guess how many U.S. banks are in the top 30 in the world for safety? Would you think 28? 15? 5? How about zero. That’s right there are not any banks in the U.S. in the top 30 for safety. In fact, as of this writing, the US only has 3 banks out of 50 on the safest banks in the world list.
The first step you need to take with an offshore trust is to ask yourself, “Am I possibly being too cautious?” The answer is that it depends on whether or not you are willing to risk your assets to opposing lawyers. This company has tremendous experience and access to the offshore trusts and banking world. This is why we have an advantageous view to share with you. Mostly, this is based on decades of working with offshore trusts and banks and the formation of trusts, LLCs and corporations.
To start the discussion about hiding your assets, get a consultation. It’s helpful, free and recommended. Our perception of offshore trust safety is worlds different than the average person. The difference is we’ve been dealing with them extensively over the years. Therefore, we can share some insights and benefits that you may want to take advantage of.