![]() ![]() ![]() Whether you are organizing a business, setting up a trust, or transferring assets in some other way, you should consult a knowledgeable estate planner or attorney. Be Careful of How You ProceedĪs always, you need to be careful of how you proceed. Of course, the downside to this setup is that you don’t always have the right to access your own money. If you can’t get at it, neither can the IRS. Even with the IRS, the rule is that you have to be able to access your money. The reason that your money is protected to some degree - aside from the fact that it is no longer technically yours - is that you don’t have ready access to it in many cases. However, you lose a measure of control over your money when you put it in a trust like this. ![]() The trust can use the money for the benefit of your beneficiaries (including yourself). Now, you no longer own the assets the trust does. However, if you hide your money in a trust, you need to be aware of some of the downsides.įirst of all, the kind of trust that is most likely to protect your assets is an irrevocable trust. You can use different asset protection trusts to help you protect your money from lawsuits, creditors, and even from the IRS. ![]() If you really want to figure out where to hide your money, you can make use of certain types of trusts. That way, you no longer own the assets, and it is harder for others to come after your money. You can transfer ownerships of your assets to someone else, or even transfer ownership to a trust. His personal fortune remained unaffected. One of his many business declared bankruptcy as a result of a lawsuit, but that business only represented a small fraction of his assets. Guru Robert Kiyosaki did this not too long ago. Your can also use your business as a shield for other assets. If you keep assets in your business, they can be protected from liability lawsuits, and they even might be protected from different creditors. One place to hide your money is in a business - just make sure that you set everything up properly. The IRS does have the ability to access any money that you have access to (so if you can’t withdraw from your account for whatever reason, the IRS can’t require the assets in the account), but in many cases officers are slow to move against your retirement account, even if they could.Ĭonsider transferring some of your assets. Additionally, your retirement account might have some protection from bankruptcy and creditors (not always, though).Įven the IRS is reluctant to levy against your retirement account. The money in your retirement account is protected from liability lawsuits. Not only can you keep some of your money safe, but you can also earn a tax-advantaged return on the money. One of the best places to hide your money is an ERISA-qualified retirement plan. Here are some places that you can hide your money: Retirement Account If you want to protect your assets, you need to know where to hide your money, and know how to properly structure certain accounts in order to avoid having someone drain your financial well dry. Whether it’s a potential lawsuit, or even if it’s the IRS or a creditor, you probably want to protect your assets. Are you worried that someone might be coming for your money? ![]()
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