Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Legal ways to protect assets from creditors, Uncle Sam

April 28, 2009 by  

Expert discusses legal ways to protect assets from creditors and Uncle Sam In turbulent economic times people scramble for ways to protect and preserve their hard-earned wealth, and some experts are offering advice on the best way to achieve that goal.

This is especially important given that moving assets into offshore accounts may have lost its appeal now that governments around the world have started to actively pursue those who would like to transfer funds abroad for tax benefits.

Still, there are a few options left.

According to Jay Adkisson, a California lawyer who specializes in asset protection, quoted by the Forbes magazine, putting money in trust for children – as long as the funds were obtained from a legitimate activity – can effectively shield the assets in case creditors come calling.

There are also legal ways to avoid taxes if you have enough money.

The Forbes expert suggests buying diamonds or gold bullion and placing them in a Swiss bank. The transaction does not have to be reported to the IRS because it does not pay any interest.

Similarly "raw" land, i.e. a type of property that does not generate income, does not require reporting, either.
ADNFCR-1961-ID-19144579-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Legal ways to protect assets from creditors, Uncle Sam”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

  • RANDALL

    THE ABOVE IS NOT “ASSET PROTECTION”!……..WE HAVE DONE COMPLETE AND TOTAL ASSET PROTECTION FOR 30 YEARS, AND NO CLIENT HAS EVER LOST A CENT TO ANY CREDITOR (WHO HAS FOLLOWED OUR STRATEGIES).
    ALL STRATEGIES ARE TOTALLY LEGAL. BEST OF ALL, YOU DON’T HAVE TO GIVE UP CONTROL OR OWNERSHIP TO PROTECT YOURSELF! TRUSTS ARE
    WORTHLESS AS AN ASSET PROTECTOR, BECAUSE IF YOU RETAIN ANY INCIDENTS OF OWNERSHIP OR CONTROL, THEY CAN BE INVADED BY A CREDITOR. YOU ALSO DON’T HAVE TO HAVE YOUR ASSETS RELOCATED OUT OF THE COUNTRY OR USE ANY ELABORATE OR QUESTIONABLE TECHNIQUES. DIFFERENT CLASSES OF ASSETS REQUIRE DIFFERENT TECHNIQUES….THE TRICK IS TO APPEAR TO OWN NOTHING, BUT CONTROL EVERYTHING! BANKRUPTCY IS TOTALLY AVOIDABLE; LAWSUITS CAN BE RENDERED UNCOLLECTABLE; AND CREDITORS CAN BE PREVENTED FROM ATTACHMENTS! EVALUATIONS GIVEN, WITH NO OBLIGATION.

    • Coaster

      RANDALL!

      Do you know what a freakin’ Caps Lock is on your computer keyboard?

      DAMN!!!!!!!

      The ONLY freakin’ time you post on here you DON’T use CAPS LOCK! Mimrod!!!!

      Now, retype EVERYTHING you just posted and make it civil. Otherwise it appears that you’re HOLLERING!!!!!!!!!

      No what I mean? You’re NOT the only authority as we all know. It’s JUST you’re opinion. Show me facts on accounts, etc. so that I can desiminate. NIMROD!!!!

    • Carolyn

      Sorry that Coaster got so upset with the typing. Maybe he’s just having a bad day.
      If this is his most serious issue, I guess he has found Fantasy Island as there are more serious issues out there.

    • Don

      How can one find out more about the legal ways to hide our assets?

      PS ALL CAPS DO NOT BOTHER ME, IF YOU’RE SIGHT IMPARIED AS I AM IT’S NOT ONLY EASIER TO READ BUT THERE ALSO USUALLY FEWER TYPING MISTAKES.

      • RANDALL

        THE METHODS ARE NOT “PUBLISHED” AS SUCH. ONE SIZE DOES NOT FIT ALL. EVERY PERSON’S CASE IS DIFFERENT AND REQUIRES A NUMBER OF STRATEGIES TO BE EFFECTIVE. MERELY INFORMING YOU OF THE TOOL, DOES NOT PROTECT YOU…..IT’S THE PROVISIONS WITHIN THE TOOLS AND THE COMBINATION OF TOOLS THAT PROTECT YOU. ANYTHING OF A PUBLISHED NATURE OR PURCHASED AT SOMEONE’S SEMINAR, IS GENERIC AND HIGHLY CONSERVATIVE, DUE TO EXPOSURE RISKS. IT IS IMPORTANT TO REALIZE THAT DIFFERENT CLASSES OF ASSETS MUST BE PROTECTED BY DIFFERENT METHODS. (AGAIN, THIS NOTE IS IN ALL CAPS FOR THE SOLE PURPOSE OF SPEEDING MY RESPONSE, AND IS NOT INTENDED TO OFFEND ANYONE OR EMPHASIZE ANYTHING. MY EYES ARE NOT THE BEST EITHER, AND I AM NOT A RAPID TYPIST). TO ACQUIRE THE EXPERTISE I HAVE TOOK 30 YEARS AND A SUBSTANTIAL AMOUNT OF MEETINGS WITH ASSET PROTECTION ATTORNEYS……WE NEVER RECOMMEND ANY OFFSHORE TRUSTS OR PUTTING ASSETS OFFSHORE. WE ALSO DO NOT ADVOCATE ANY STRATEGIES THAT PLACE YOU OUT OF CONTROL. WRITE ME AND LET ME KNOW HOW TO GET A MESSAGE TO YOU, AND TELL ME WHAT POTENTIAL THREATS TO YOUR ASSETS EXIST., AND I WILL GIVE YOU A FREE CONSULTATION. REMEMBER THAT TRUSTS ARE VERY COMPLICATED
        AND CAN BE EASILY INVADED. THEY MAY AVOID PROBATE, BUT THAT’S ABOUT IT……LAWS CHANGE FREQUENTLY AND IT SIMPLY IS NOT NECESSARY TO GIVE AWAY YOUR ASSETS OR THE CONTROL OF THEM IN ORDER TO PROTECT THEM.

        • http://ericstratton99@hotmail.com Eric Stratton

          Randel, please e-mail me information.
          Thank You,
          Eric

        • Kevin

          Okay then here I go. I have had to walk on some property investments/bank loans. Two of which are in Cali and seem to be “non-recourse” but one is in Florida. All three have been forclosed, but none have been closed or 1099C’d as of yet. I’m worried at some point, althought none were “judicial forclosures”, that the banks will be able or attempt to come after my assets.

          So what is the best way to protect my cash? thanks and all caps are just fine with me.

        • Kathi

          We just have some creditors who have sent our balances unto collection. My husband has been out of work and we had great credit until this last year. Now we are told they can go into our bank accounts and take whatever money is in there. We were told to drain our bank accounts to keep that from happening but then I don’t know how we would pay our bills. Can you help us? I was told Wells Fargo would freeze our accounts.

        • Smith

          Randell,
          I own a manufactured home on a 40year lease of property, in California. Can I protect it from creditors? your advice would be greatly appreciated!

        • Peter J

          Randall can you please email me your contact so I can ask you haow to hide some stocks that I have. Thanks Peter J

        • http://personalliberty Gretchen

          Randall,

          I have some cash i need to protect, can you please contact me?

          Thanks,

          Gretchen

      • RANDALL

        DON,

        Please see my comment that I wrote to MIKE.

        Thanks, RANDALL

      • RANDALL

        DON,

        Please read my reply to MIKE.

        Thanks,
        RANDALL

      • RANDALL

        DON,

        If I can be of assistance to you in asset protection, you can contact me

        • Mr. C

          Please send info.

    • B

      Pls disclose if you provide asset and wealth protection services or what is your source for this protection. Pls advise. Thx.

      • RANDALL

        YES, we provide asset and wealth protection services. We also provide lifetime support for our products with unlimited advise and consultations. I also might add that these programs do not require a substantial amount of time to manage and operate once they are set up. In order to ensure maximum benefits and privacy, we also do tax preparation.
        Randall

        • B

          Randall,

          Specifically how can you be contacted or what is your website address where I can get your contact information? Pls advise. Thx.

        • Lauren

          please contact

        • Gary

          Please send contact information

      • RANDALL

        B,

        Please read my reply that I sent to MIKE.

        Thanks, RANDALL

        • tom

          email me your number. I have a friend who is in need of your kind of expertise. asap if you can. thanks

        • matt

          Email me your number randall. I have some referral business for you.

    • http://none Laura

      Randall how can I get a hold of you need to get assets out of my name

    • RANDALL

      A PERSON ATTEMPTED TO CONTACT ME, BUT DID NOT LEAVE A NAME OR CONTACT INFORMATION, ON MAY 14TH. IF ANYONE WISHES TO CONTACT ME,
      RANDALL

      • Neal

        My wife and I went out of business in Sept. 2008 and our creditors are just catching up to us. A the same time we were in a very bad auto accident and almost lost our lives.

        I do not believe we will be able to file Chap. 7. Since the creditors are closing in we are trying to save what little assets we have left for our children’s education, to pay our mortgage, and save a little for retirement.

        If you have information that would help with our problem and it is legal, I would appreciate a response and a way to contact you.

        Thanks, Neal

    • Hershell

      Stop yelling, and stop ADVERTISING here!

    • anthony

      Please send me your website , e-mail and phone number.

    • Gary Wahoff

      Randall,
      Sounds like you know what you are talking about, as I have been in business a long time, and have explored many avenues of asset Protection. Could I get more info from you?
      Thanks.

      Gary

    • Steven D. Smith

      Randall,
      I need your services to protect equity I have in my home and a commercial property from creditors. No lawsuits have been filed yet…but it is only a matter of time…please help.
      sincerely,
      Steven D. Smith

    • Vic

      what is your contact info

    • Greg

      Randal, my name is Greg. I entered into a land partnership that has struggled. I signed as a personal guarantor as an individual. My assets are in a revocable trust. My assets are from equities to munis to property. Do I have liability even though my trust did not sign as a guarantor and if so how can I protect my assets

    • http://VINALI@AOL.COM VINCE ALIBERTI

      PROTECT MY RENTAL PROPS

    • http://www.manorhillwines.com Theresa

      Please email me. I would like to learn about how to protect my assets. Thank you.

    • geo

      Randy,

      is it possible to get more info on the asset protection related to a creditor (equityline) from a recent foreclosure? how can I reach you?

      GM

    • Dawn

      Where can I get more information about the asset protection you mention?

  • Coaster

    Another thing RANDALL!

    If you don’t know what CAPS LOCK is…………….don’t post a freakin’ word here!

    Got it?

  • Carolyn

    I just had to make a comment here regarding the remarks above by Coaster; calm down, everybody doesn’t take what you call hollering (with caps) serious.
    You could try for comedy though.

    • RANDALL

      Thank you Carolyn, I posted a new blog you should also read. My point is that privacy of a financial nature is something we all need and deserve,…..and with all the invasions of privacy we have all seen since the Patriot Act, laws that only favor creditors, …….the ordinary citizen will have their assets confiscated easily,
      if they don’t protect themself. There are alternatives to bankruptcy, and people should keep in mind that “forgiven debts” or debts settled for less than the owed amount are taxable income! So, if you hire a debt reduction service, and they negotiate your debt down with a creditor, the amount you save is taxable income.
      If you are in a high tax state or owe a lot, as much as 35% could become taxable,
      which may not be much of a net savings. Our way, there is no bankruptcy; no forgiven debts; no disclosure of financial information; etc…….you simply place yourself in “uncollectible status”……and you keep your assets.

      • Rumple Stiltskin

        Hi, VERY interesting. How does one go about placing oneself into, “Uncollectible status?” Does it require a lawyer? Where could I find out about such a thing? Thanx

        • RANDALL

          (ALL CAPS TO FACILITATE TYPING, NOT FOR EMPHASIS). HI CAROLYN, READ MY LATEST BLOG, ALSO. THE TECHNIQUES DO NOT REQUIRE AN ATTORNEY, BECAUSE ATTORNEYS FORMULATED THE SPECIFICS. THE TECHNIQUES ALSO PRODUCE TAX SAVINGS IN MOST CASES. AS I MENTIONED, THESE STRATEGIES ARE NOT PUBLISHED, EXCEPT IN A WAY THAT WON’T BE USEFUL. WHAT I CAN TELL YOU IS THIS: IF YOU DON’T OWN IT, NO-ONE CAN TAKE IT FROM YOU!…..THAT DOES NOT MEAN YOU CAN’T CONTROL IT OR HAVE ACCESS TO IT. IF A CREDITOR CAN’T FIND IT, HE CAN’T SEIZE IT………….IF THE ASSET IS NOT IN YOUR ESTATE, IT CAN’T BE TAXED OR SOLD OR USED FOR YOUR DEBTS. I WILL EXTEND THE SAME OFFER OF A FREE CONSULTATION TO YOU, IF YOU PROVIDE ME WITH CONTACT INFORMATION. THE END RESULT OF OUR SERVICES INCLUDE COMPLETE ASSET AND LAWSUIT PROTECTION; TAX SAVINGS; GREATLY INCREASED FINANCIAL PRIVACY; AN ESTATE PLAN THAT IS LESS COMPLICATED THAN A TRUST AND FAR MORE EFFECTIVE; AND IN MOST CASES CAN BE TAX DEDUCTIBLE, AT LEAST IN PART. SINCE YOU ARE ALWAYS IN CONTROL, THE STRATEGIES CAN BE CHANGED, DISCONTINUED, OR ADDED TO AT WILL. MOST OF THE STRATEGIES ARE NOT SUBJECT TO CHANGES IN THE LAW.

          • R. T. Hobgood

            I would like to know more about protecting my assets

          • Ben

            Please contact me regarding asset protection

        • RANDALL

          RUMBLE STILZKIN,

          Please read my reply that I sent to MIKE.

          Thanks, RANDALL

        • RANDALL

          RUMPLE STILZKIN,

          If I can answer any questions for you on asset protection, or give you some advice, you can contact me.

  • Coaster

    Sorry Carolyn, I’m having a bad year.

    What Randall might be saying is true. Who am I to question it. What does burn me up, and I apologize for, is that when anyone uses caps, it’s extremely hard to read. I don’t have time to look at every letter to know what is being said. For that, again, I apologize.

    But, I do agree with you. There are much more pressing issues afoot. Like, the way our rights are being stripped from us on a daily basis.

    Agree or not, it’s a truth that will be seen within a few months. God help us all when the treaties of other nations are found to be a bonded decree within our borders.

    You have a good evening there Carolyn.

  • Pete

    Coaster, Coaster, Coaster… I hate yelling as much as you do. I tend to get worked about things as well… The difference between us, I guess, is that I can spell…

  • RANDALL

    Coaster, for your information, I just type that way…….no “yelling” or offense intended.
    Since I am not a typist, I find that using the caps lock speeds the typing. Actually, asset protection is a big issue, since the banks are all engaged in stripping our rights and our credit ratings, just as much as government! I too have had a terrible year, and asset protection kept me from getting totally obliterated. When you are being attacked by every conceivable creditor; can’t file bankruptcy because the laws don’t allow any exemptions you can live with; are being hounded by bill collectors; tax authorities who are allowed to derive any results they want, without backing up their claims and shifting the burden of proof to you; you might see this as a way of fighting back and making the system take notice that we’re not going to take this B.S. laying down! Why should some clowns be able to take everything you’ve worked for all your life and leave you with nothing, and keep you in debt the rest of your life? I like to believe that we put your economic stability on an equal footing, and force fairness within the laws. You may not have had the same terrible year if you had had our help,…..but then, I don’t know your situation.

    • Danny

      Hey Randall-

      I have been browsing your thread and looking at some of the advice you have been offering. I would love to discuss it, and get some more details from you. If you would be kind enough to contact me at the above mentioned email, I would be greatful!

      Danny

  • B

    Randall,

    I am interested in true and legal asset protection. Do you have an asset protection firm? Pls advise. Thx.

    • RANDALL

      Yes B, we have an asset protection firm. Almost all types of assets can be protected, unless someone has a prior claim on them. Retirement accounts are partially shielded from creditors, but are a sitting duck for the government. Any assets in a living trust can be penetrated. The manner in which title is held greatly impacts whether an asset can be seized. These are reasons why one
      product does not fit all circumstances and why several products are used. Just like the stock market, “diversification” equals more protection for your assets.
      To give you an idea of how effective our programs are: let’s say you have three assets which are at risk of being taken by a creditor. But, there is a product
      put in place that prevents any asset from being attacked, AS WELL AS devices
      in place that use one asset to protect another asset to protect another asset! The result is a pyramid of protection that has several layers to it, creating a legal nightmare for any creditor to break through to get to you. And, the best part, is that you can add as many layers as you need……(“no-one can ever get to the mummy and every path leads to an empty chamber!”) Put another way, asset #1 protects asset #2, protects asset #3. Compartmentalization of assets, ensuring
      all doesn’t get lost if one asset is ever attacked successfully (which won’t happen).
      RANDALL

      • B

        Randall,

        This is my second request. What is your contact information? I am not comfortable posting my personal phone number. Do you have a business number you can disclose or a business website which lists your contact information? Pls advise. Thx!

        • RANDALL

          I understand. We can do this in one of two ways….you can write to me at:

          and give me your contact information; or you can give me someone’s address and I will send you the information. (Or, I can respond to an EMAIL address as a third option?) What state are you in?
          RANDALL

        • RANDALL

          B,

          Looking forward to talking with you. Please read my reply to MIKE.
          RANDALL

      • mike

        Randall
        I have read several of your emails to Bob Lovingston & co.I am interested in knowing more about your services could you send me information on asset protection and costs involved.
        Thank you,
        Mike McKinley

        • RANDALL

          MIKE,

          Did you receive my reply?
          RANDALL

        • RANDALL

          MIKE,
          If you have any questions about asset protection, and would like me to send
          information, or want a free consultation, you can reach me at:

          RANDALL

  • Joanne M.

    Randall,
    since you want to be a lazy typist, I suggest you use all lower case. That way, you are not SHOUTING. See the difference?

    I didn’t read what you wrote. not worth my time…

    • RANDALL

      JOANN,
      Sorry you don’t feel you have any assets worth protecting, and can’t invest a few minutes of time to protect your financial privacy. Criticising my typing in capital letters is pretty trivial. With all the lawsuit hungry lawyers out there; trusts that have been rendered illegal or ineffective by the government; threats to and the elimination of our financial privacy; rediculous gustopo powers of banks to deny, restrict, and cut credit while accepting billions in aid from the government; bankruptcy laws that only favor the creditors and allow only $3,500 in total exemptions for a Chapter 7; and the promise of higher taxes in the future to pay for all the carnage and waste created by reckless government spending and money created out of thin air (eroding the value of the dollar)………I am totally amazed you can wallow in such a pool of “security”.
      RANDALL

      • Dennis

        I almost read this thread were it not for Randall shouting with the caps. Some idiots don’t realize they look like the town crier and just as in real life, they “click” on by. I wouldn’t give a clown who is that ignorant to basic computer communication courtesies the time of day. Probably a scammer anyway.

  • http://theangryleftreport.com Tim Singleton

    Randall:

    While I am as concerned as the next person about conserving my assets, everything…and I do mean everything seems like it should be done and legal in the broad light of day.

    If, as and when I retire, I do not want to have to worry about whether I did the paperwork correctly. Questionable legal practices like nominees have no attraction for me as what happens if the nominees walk with my assets? Happens all the time.

    Does it not make sense to simply comply with the law and raise hell about it, educate our neighbors and fight to change the law?

    This is not a subject I am strong on but it seems to me that the higher your asset base becomes the more willing someone will be in selling you out to an agent of those who think your wealth belongs to the government. For instance, how would one determine your credibility? How would one prove to themselves you are not an agent suckering someone into illegal activities in the eyes of the IRS who has to prove nothing in order to seize a person’s accounts?

    Pay your damn taxes and raise hell to change the law. That way you are clear on all accounts is my opinion. Avoidance is legal; evasion is illegal. One is your right; one is a ticket to jail.

    Tim

    • RANDALL

      TIM,

      Thank you for your concerns. First of all, I would like you to know that I have a 100% winning record with the IRS on audits for over 30 years. I also have an MBA in finance and accounting, extensive graduate work in Tax, and two B.A. degrees. Attorneys were consulted every step of the way and provided all key operating strategies. Not one client has ever lost any assets using these strategies.

      You may be confusing a “nominee” with a “trustee”? A nominee has no power to do anything unless you give them written authority, while a trustee can and does have access to your assets. Remember, I stated that YOU are always in control
      of your assets,…….so no-one can embezzel or cheat you in anyway. Nominee entities are totally legal in all 50 states and have been for 200 years. We also use several devices to eliminate all the risks, which I can’t go into here. In one of my previous comments, I also reference lifetime support, so you don’t need to worry about not doing something correctly. Most of the strategies are set and forget. Maintenance is minimal.

      Privacy is dead now, unless you create it and maintain it. Yes, the IRS and every bloodsucker out there waiting to sue you for anything they can, would LOVE to have you have all your assets totally visable and available for the taking! The laws will never change because the government has sold the “terrorist” argument to the American people and convinced them that all these privacy invasions are in their best interest! The government has only one direction it’s heading towards: total knowledge and total control over your entire life, contained in an FBI and CIA file. They want to know exactly what you have, and where it’s located, so they can take it at will.

      When we say that there are tax benefits to these strategies, we are NOT talking tax evasion…..we ARE talking increased legal deductions and optimization of tax bracket. If you could legally restructure your financials and save taxes, why wouldn’t you?
      RANDALL

  • mike

    I am interested in following up on asset protection measures for myself could you please inform me of the costs and procedures

    Thank you Mike

    • RANDALL

      MIKE,

      I would be happy to discuss your situation with you. You can email me at with your questions.

      I could use some basic information to get started. THIS SAME MESSAGE APPLIES TO ALL THOSE READING THIS REPLY, AND YOU WILL RECEIVE
      A FREE CONSULTATION.

      Your phone and a fax number to reach you
      Your occupation and state of residency
      The type of assets you are seeking to protect and approx. value or equity
      Your approx. taxable income for 2008, after deductions
      If you have rental property, a business, or an estate plan
      Your family size and ages
      If there are any current threats to your assets
      Life insurance types and amounts

      All information will be held in strict confidence. Since all strategies and operating advice are unique to the individual, I can’t submit estimates at this point. Everything we do is custom, and the structure of your assets and other factors will influence the complexity. Your actual proposal will also estimate your tax savings and provide the justification for the strategies, which may be verbal as well as written. WE DO ASK THAT YOU NOT SHARE ANY OF THESE STRATEGIES AND OPERATING PROCEDURES WITH ANYONE ELSE. Since
      the effectiveness of any asset protection strategy rests with privacy and customization to your unique financial structure, telling other people about the specifics of your plan, is like telling everyone you know that you hide all your money under the mattress…..it wouldn’t take someone very long to find it!

      Keep in mind that what applies to you, and what I advise you to do, does not apply to anyone else; even if some of the products are the same, operations may be different. It has been my experience that people have a tendency to make comments on matters that they do not understand fully, if at all. In some cases we use tax case precedents, loopholes, and special attorney written clauses that have been established in the law, that only a few may be even aware of……we
      always have primary case research to substantiate positions and strategies.

      Hope to hear from you soon,
      RANDALL

      • Michael

        Hello Randall
        I don’t care about your capital letters. Can you please send me your email address so we can discuss my situation and what you can do to help me.

        Thanks!!
        Michael

      • Sach

        please contact me sach020277@yahoo.com. I need to protect my assets from creditors, such as a bank foreclosure etc

  • B

    Bob Livingston,

    Greetings! Who or what firm do you use, if anyone, to assist with your asset and wealth protection planning? Pls provide contact information and comments as to why you selected this firm or individual. Thx.

    • Bob Livingston

      Dear B,

      There is only one way to make sound investment and wealth protection decisions and that is by educating yourself. To do that you must read as much as possible. You must understand the history of money, world history and the current political and economic climate.

      There are many books, websites and newsletters that can help you with this. Books written by Murray N. Rothbard will help you with understanding the history of money and banking in our country. The website, http://www.mises.org will help you with the understanding of liberty and the Austrian school of economics. Some financial newsletters I recommend are The Bob Livingston Letter, http://www.boblivingstonletter.com, of course, plus Dow Theory Letters, The Dines Letter, The Harry Schultz Letter. These can all be found using a Google search and are available by subscription.

      Should you decide to depend upon an advisor you still must do your own research on the advisor and his or her firm. Make sure the recommendations are not influenced by whether the advisor or firm has some sort of financial stake in the equity or fund being recommended that could taint the advice. Also consider the track record of the advisor and firm.

  • IKE_DEVJI

    Hi Folks:

    I felt motivated to respond because I work exclusively in this are and saw lots of “conversation” but little or no information. I AM an attorney that works in the Asset Protection field exclusively, my partners and I protect over $5 Billion in personal assets, if we included the business assets of those we protect the number would be exponentially higher. If you want to know more about me and my position of authority in this field just Google my name, but I’m not here for a free ad.

    I’m concerned about what I read here and I’ll just make a couple of points:

    Secrecy and Privacy – Are not legitimate Asset Protection Techniques. If I can get them for my client as incidental parts of something else, great, but that’s not a plan. Relying on these techniques is essentially hiding assets and “hoping no one will find them, hope in and of itself is an exceptionally poor plan. This strategy also relies on your ability and willingness to be a LIAR – to perjure your self and fail to disclose assets when specifically asked to disclose them by the courts or opposing counsel. No professional would advise this. The most common abuses of this concept come from Nevada, (followed by Utah and the Carolinas) where snake-oil salesmen still tout secret bearer shares of “nominee” corporations. The language does not even exist in the NV state statutes.

    Gold and Real Estate – Can be great investments, but putting money into these specific assets is not Asset Protection, it’s asset allocation.

    Using Trusts and Other Legal Tools – In regards to Asset Protection HOW you hold the assets is as important, if not more important, that what you hold. If you are in the U.S., and hold property almost anywhere else, including foreign banks or safety deposit boxes, the U.S. courts can reach, and probably more easily than ever before given the current political and social climate. That’s why using a professionally structured foreign trust, in a jurisdiction that is hostile to U.S. court interference to hold those assets and the proper structure of trustees and protectors banks in the right jurisdictions is more important than ever before. In fact, assets funded into those instruments can’t be dislodged in certain jurisdictions after as little as 24 months and even the laws of the U.S. hold those assets exempt after ten years. That’s real power.

    Taxes – Tax planning and Asset Protection are not the same thing. If anyone tells you a particular plan will save you taxes as a U.S. resident – run like hell. Every plan we have ever put together is completely transparent and requires extensive and detailed tax reporting. Why? Because that’s what the tax laws of the United States demand. Let me say it again – if you move money (in any form) to foreign accounts, and you make a profit on it you owe taxes with almost no exceptions.

    Insurance – Can be effectively used as one of many tools in this area. Unfortunately, many insurance salesmen, both domestic and offshore, disguise their planning as Asset Protection without the necessary background, tools and experience to do so. They also make the insurance sale the primary goal, as opposed to a means to an end. I would also note that insurance is well protected in the U.S. in many states by statute or through the use of life insurance trusts. We and those like us use these tools successfully everyday as one of just many in our arsenal.

    • RANDALL

      I just wanted to clarify some possible misperceptions about our asset protection techniques:

      1) We do not use any foreign trusts, foreign nominees or trustees, foreign bank accounts, or any device for which the client is not in direct control.

      2) We do not engage in forming any entities that use the “secret bearer shares” method as a means of disguising ownership.

      3) We do not advise clients to lie about their assets to any legal authority.

      4) Regarding “secrecy and privacy”: You are correct that this by itself is not an asset protection plan…..it only is a component of an entire plan composed of several strategies we use. This component does NOT rely on a client’s ability to be a “liar”, or perjure themself, or fail to disclose assets to any legal authority. So, the reference to “snake oil salesman” is not appropriate……our methods are totally legal, and are based on preventing creditors from attaching assets; reducing visability of those assets, and creating barriers to litigation. Ownership
      may be reduced, while control may be total. We use a combination of many different devices to accomplish asset protection, financial privacy, and certain estate planning benefits. Our products have been developed by asset protection
      attorneys, and are customized to the individual’s needs by consultations with attorneys. We act with a similar goal to what you do….we place assets out of
      the reach of creditors, and we reduce visability…….I do not consider that abuse.

      Gold and real estate are definately not asset protection….I totally agree. However, gold is a transportable asset, and has some asset protection qualities.

      Using trusts and other tools: HOW you hold assets is virtually everything! I totally agree. We do not advise or create any devices domiciled in any foreign country,
      for the reasons you mention. What maybe legal in some countries now, may not be for long, and the government can pressure anyone into disclosure. Personally, I would never advise a client to use a system of asset protection that depends on foreign nominees or entities being in control of their assets…….but your client base characteristics may warrent such devices.

      Taxes: I would have an issue with your comment regarding asset protection and tax planning not being directly related. By reducing taxes, you increase assets
      which need protection. We consider all forms of income as an asset, that need
      protection. I definately disagree with you “that an asset protection plan” cannot save taxes! There are legal ways to split income; divide ownership; receive deductions that a person would not otherwise qualify for; etc. So, perhaps your comment only dealt with having foreign accounts? I never implied that having foreign accounts or entities would save U.S. taxes….although I can think of some instances where it’s possible.

      Insurance: Yes, insurance can be a useful tool.
      RANDALL

      • IKE_DEVJI

        Hello Randal:

        I appreciate your thoughtful reply and hope this clarifies my perspective. You commented on potential differences in our client bases that could also account for strategic differences and I agree. My clients range from seven to nine figures in net worth, most often ages 35-65, and typically own a business and/or are very high income. We protect lietrally thousands of doctors as well as a number of builders, developers, athletes and entertainers, people who manufacture consumer products and C-level executives and other professionals.

        All of them have several serious risk factors in common from the following list:

        COMMON RISK FACTORS – some combination of any of the following
         They are high net-worth, high liability, or- they will be soon (i.e. new doctor)
         They are highly visible
         They have assets that would be difficult to replace if lost or reduced
         They have employees
         They own their own business
         They have professional liability
         They own liability generating assets
         They have children

        To be clear, I was not calling YOU a snake-oil salesman, you have been careful and very deliberate in not disclosing exactly what tools you use here so it’s hard to comment or debate on that issue. I was referring to those who market their services using secrecy as a primary strategy, there are many who do and we get the calls from those who have paid an amateur with a slick website as much as 5 or even 10 thousand dollars for a series of LLC’s that could have been set up well on legalace.com and which have created more trouble than results. Many times we get calls from folks who have already had that bad planning fail and who have been wiped out or at least seriously hurt financially. We see this bad planning both domestically and internationally and even see these rubes telling people to put their personal vehicles and residences into LLC and partnerships.

        As for the use of foreign trustees and etc. we agree – we don’t use that as an option until it is the last best hope for most clients. When circumstances demand it however, it is the best option for many. That is, don’t give access and control to someone else, unless you have to. We use a series of domestic tools that allow our clients to use and control their assets here, have their local money guy and CPA involved AND which has an international removal option established from day one as well. We feel that this allows our clients to have their cake and eat it to, and gives them options that they do not have keeping their assets purely domestic.

        We stand by the statement that ANY U.S. citizen that has funds, assets or accounts in their own name, or in any form that they have direct discretionary control over is at risk from having the U.S. courts exercise their jurisdiction over the defendant and seize those assets. Assets that domiciled outside the jurisdiction of the U.S. courts and controlled by people/entities outside the U.S. courts cannot be reached in the same way if the basics like timing, fraudulent conveyance and the correct drafting of the trust are all professionally addressed.

        You and I also agree on taxes – we find any source of avoidable loss, risk or exposure unacceptable. This why our arsenal includes legal tools, financial tools, estate planning and tax reduction tools. You can see my thoughts on this in the June issue of WORTH magazine. We also use a variety of techniques to protect income and agree that it is an asset. To help clarify my statement, what we usually being sold, as I’m sure you have seen, is most often questionable offshore tax planning disguised as Asset Protection. To confuse the primary use or goal of the tools is where we see fraud and danger. To analogize, there are lots of both domestic and foreign planners selling guns for use a hammer. We agree that what is legal today may not be so tomorrow, that is especially true in the U.S. and under the current administration which has openly DELCLARED WAR on tax tools and offshore tax schemes. That is precisely why we feel the need to create legal tools that are tax neutral as the foundation of any good wealth preservation plan. We don’t want all the hard we done and all the years it took for the client to build their estate to be lost because of a tax loophole closing.

        Yours, Ike

        • RANDALL

          IKE,

          THANK YOU SO MUCH FOR YOUR REPLY! I intend to forward a portion of it to a prospective client as you hit directly on some points that I totally agree with, in regards to strategy options. I hope it will keep this person from making serious mistakes regarding asset protection. I was forwarded information on a sytem of “asset protection” for my commentary, and I had the exact same thoughts as you, which I was getting ready to explain to her.
          Since you are an attorney, your remarks will hold a lot of weight.

          The program I was asked to evaluate was a series LLC arrangement in conjunction with revocable single purpose trusts. The would-be creator
          of these instuments advocated putting vehicles, their personal residence,
          and other “dangerous assets” in these LLC’s. Although this arrangement
          has only been approved in 8 states ( I believe CA laws would eat this configuration up for lunch and call it a tax abusive trust), it has very little primary authority behind it or case law support…..mostly private letter rulings from the IRS…..which are only applicable to that one case, and can’t be cited as precedent. In states that do not recognize the series LLC arrangement, I would expect a lot of legal problems protection-wise and tax-wise. Using revocable trust arrangements where the owners are also the beneficiary’s
          and maintain 100% control over the LLC’s would not provide much asset protection. The strategy seems more of a compartmentalization of assets,
          and fee reductions in exchange for a lot of complexity in trust administration,
          tax complications between states (especially CA), and without seriously protecting the assets. This would-be creator also recommended that several properties of the same type be included in the same LLC! This series LLC was intended to be used to hold income producing properties in CA and eastern states, domiciling the series LLC and trusts in NV. The state of residency of the owners is CA, which does not recognize series LLC’s.
          So, I see a lot of problems with CA tax laws, asset protection interpretation,
          and location of property…..in addition to the structural issues we both see!
          RANDALL

          • Harry

            Randall,
            Please email me additional information about asset protection that you may share. Or send me your email addresss and we can correspond.
            Thanks,
            Harry

  • Duh

    Randall, give me a break.

    You say you can do this and that, yet no company name, no website.

    Just a p.o. box.

    Does not invoke trust.

  • http://skipbeach9@gmail.com skip

    I would like advise about a civil judgment and what can and cannot be touched thanks skip

  • Jim

    I own a lot. I lost my job. There is a chance that I won’t be able to make my mortgage and credit card payments if I burn through my savings before finding a job(about two months away). Someone suggested me to put my lot(I am not sure if it is even buildable because the steep slope or how much it would cost to build anything because the topography) into a LLC so the credit card companies or mortgage lender will not be able to find it. Or even if they find it they can’t easily take it because it is not held under my name. Someone told me just using a trust is much cheaper. Anyone has any ideas? I live in California.

    • http://www.boblivingstonletter.com/ Bob Livingston

      Dear Jim,

      Taking steps to protect your assets is always a good idea. However, in your case you need to be careful that what you are about to do cannot be considered a fraudulent conveyance (a deliberate attempt to delay, hinder or defeat the claims of creditors) which can cause you all manner of legal troubles. Both LLCs and Trusts have advantages and disadvantages. I would suggest you get advice from an asset protection specialist.

      Best wishes,
      Bob

  • Jim

    I am still paying the bills on time and intend to as long as I still have money in my checking account. I’ve abandoned the idea of putting it in a trust or LLC. Someone told me he wants to buy my lot (at 1/3 of the price I bought a couple years back which I think it is still a good deal given the housing market in Southern California) I want to sell it so I can keep paying my credit card payments for a couple more months. And hopefully I will find a job before the money runs out. Is it that OK? I don’t want the buyer to have his lot got attached a lien from my credit card company at some point in the future if I can’t find a job and not able to pay the credit card a couple months down the road. He might sue me for not selling him a lot with a clean title or a clean title but might subject to lien later on if I can’t find a job in the future.

  • Richard

    Please send me more info on asset protection.

  • Michael

    Please send me more info on asset protection.

  • Vic

    randall could you please provide me your contact information.Thanks
    vic

  • Tan

    Hi Randall,
    Please email me more information or your contact.
    Thank you.
    Tan

  • Adam

    Hi Randall,
    Please email me more information or your contact.
    Thank you.
    Adam

  • Randy

    If this RANDALL’S asset protection is based on staturory law,,it’s worthless.We have a totally impenetrable asset protection set up,based on Constitutional Law involving one LLC and 2 trusts.The LLC buys eveything,transfers ownership to the first trust,,and the second trust we own,then files a UCC-1 Lien against 125% of the equity value of everything in the first trust.Many people think they may be protected by having a LLC,but any good asset locator will know where every penny you have is at,traceable by the EIN number of the LLC,and your social security number that was needed to open the LLC. But noone will sue you,if there is already a lein in place for 25% more than what your worth,this shuts off frivilous lawsuits before they start. Noone has ever been able to defeat this type os asset protection to date and many who own this type of trust has been involved in lawsuits,but not one of them lost ANYTHING,,,that’s total asset protection!!! The IRS cannot penetrate this type of trust either,because you do not own anything,,certificates are exchanged for everything of value.OWN NOTHING,,,but Control Everything!!

    • panamabev

      Randy, may I contact you? I have a Profit corp and have a question.

    • Shawn O’Rear

      Randy,
      Can I get your contact info to talk to you about some asset protection on my mother’s behalf.

      Thanks, Shawn

  • James May

    Randall. I have several businesses that I need to protect from creditors. Can you send me your contact info. I can go more into detail when we discuss this. Jim

  • Al

    Randy and Randell,
    I am IN a law suit that will have a judgement against me personally if I loose,The judge rulrd against me in having myself personlly removed from the case even though the plaintif contracted with my LLC.
    Is there a fool proof way to protect ALL my personel assets right now that can’t be reversed even though I am IN a litigation that has not been settled. I dont have much time and am very desperate!

  • lee

    Hi Randal

    Can I move my rental property perty into a trust for my youg grand baby to avoid a sue hungry tenant ?

  • Chris

    Randal,

    Can you please send me your contact info.

    Thank you.

  • marshall

    Randal, Could you send me your contact information. I own a business and real estate assets in California that I would like to protect from creditors and lawsuits that may arise in the future. Thank You

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.