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How to Hide Assets
By Rocco Beatrice
In social functions, I always get asked about how to hide assets? From who are you trying to hide your assets from? Is there a legitimate way to hide your assets?
You will know if you have succeeded in hiding your assets if an asset search by an extremely interested party does not reveal your identity. In a post 9/11, it's not possible. Everything has become more transparent with the passage of government banking acts.
Interested parties have a way of finding the true owner for the right price. The Internet is running on high steroids. Anything you do is public knowledge.
However, the original owner and its present owner can legally be changed without having to go offshore. Legitimate repositioning of assets from you to an irrevocable trust is perfectly legal. The fact is, if your assets are owned by a subchapter S. Corporation or a Limited Liability Company and in turn the shares
of the Sub S or membership units of the LLC are owned by an irrevocable trust, it's the fortress of US Asset Protection.
Hide Your Assets with Irrevocable Trusts
How to hide your assets is a simple as the
repositioning your assets through an irrevocable
trust with a true independent trustee. The key to the transfer is the exchange of equal value in return for the asset, or the receipt of a fair market value for the asset transferred.
If you reposition your assets, you will no longer own them. If you don't own assets, no one will want to sue you; no one will want to track you; no one will want to know your name. You don't have to go offshore. US Laws, US courts will defend and support your asset
protection system.
Give Up Control of Your Assets to an Independent Trustee
These laws have been defined by numerous court cases, over and over, right up to the Supreme Court. You must however, give-up control over your assets to a true independent trustee. Your asset protection system is enhanced when a Limited Liability Company further re-defines your asset protection system.
How the LLC Can Help Protect Your Assets?
The LLC is nothing new, but (until recently) states refused to legislate its existence. The LLC resembles the German GmbH the French SARL and the South American Limitada forms of doing business. The LLC allow small groups of individuals to enjoy limited personal liability
while operating under partnership-type rules (rather than the complex rules that apply to corporate-type structures).
The LLC is recognized by the IRS as a "pass-through type" of disregarded tax entity. That is, the profits or losses of the LLC pass through the business and are reflected and taxed on the individual' member's tax returns of the owners, rather than being reported and
taxed at a separate business level.
Other pass-through entities include general and limited partnerships, sole proprietorships and "S" corporations. The IRS now lets an LLC elect corporate tax treatment if it wants it by filing IRS Form 8832. Consult with your tax advisor.
About the Author
Rocco Beatrice, CPA, MST, MBA,
Award-winning trust & estate-planning expert
71 Commercial Street #150 Boston, MA 02109
tel: 508.429.0011 fax: 508.429.3034
Sign up for a FREE newsletter & learn how you can reduce your taxes, protect your assets & secure your privacy. Free consultation. No Obligation, no risk, no sales pressure. Click here Top Irrevocable Trust Asset Protection
Article Source: http://www.simplysearch4it.com/author-articles/11179/1.html
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