Legal ways to protect assets from creditors, Uncle Sam
April 28, 2009 by Personal Liberty News Desk
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.