Protecting Assets

[+420Atheist]

Is there any strategy to protect assets from forfeiture? Would it help protect my vehicles if I give a family member a lean on them? What about stock portfolio? I know, see a lawyer, but I was just wondering if it will even be worth it?

[UrbanFarmer]

Is there any strategy to protect assets from forfeiture? Would it help protect my vehicles if I give a family member a lean on them? What about stock portfolio? I know, see a lawyer, but I was just wondering if it will even be worth it?

 

A relative of mine incorporated and placed all of his assets under title of the corporation.

[+420Atheist]

That sounds like a great idea. Is there a downside to incorporation?

[Ms Chocolate]

Even property belonging to others can be lost to forfeitures. You can incorporate, get arrested and the corporation would be out a car, a house, and money. The best way to avoid lost is to stay within the law.

[+420Atheist]

I did a little more research and it sounds like the only way is to place the assets in an offshore trust and create a LLC that controls the trust. All very expensive and may subject you to a bunch of tax issues. They seem to use the Cook Islands if anyone is really interested.

 

It seems there is very little anyone can do to protect assets from the cops unless you are very rich. This is not the America that our forefathers envisioned. It is a police state where you either conform or suffer the wrath of the jack booted thugs who don't care if they are taking from you a lifetime of work.

[+Silverblue]

It's surely not the world I thought I was growing up in.

 

Sb

[boroboro]

IIRC, incorporation does not protect owners / shareholders from liability for their own criminal conduct, which is certainly how the government would prosecute people in this field.

 

A tip from Janis Joplin (actually it was Kris Kristofferson who wrote the song):

Freedom's just another word for nothing' left to lose

 

Or, 2000+ years ago the writer of the Tao te Ching might have said not to worry about it, just take care of yourself and others:

Or fame or life,

Which do you hold more dear?

Or life or wealth,

To which would you adhere?

Keep life and lose those other things;

Keep them and lose your life:--which brings

Sorrow and pain more near?

 

Thus we may see,

Who cleaves to fame

Rejects what is more great;

Who loves large stores

Gives up the richer state.

 

On a more practical note, how about making a list of assets that the State would have a hard time finding or seizing? Things like gold, valuable coins, etc.

[+420Atheist]

I thought about buying gold Krugerrands and digging a hole in the back yard. From what I am understanding since 2000 if you fight forfeiture the prosecutor has to prove the items were purchased by ill gotten gains. Though I also read that since the patriot act (aka unpatriotic act) some of those protections were taken away again. Maybe a lawyer will enlighten us?