Newbies - Cover Your ASSets !!

[weishaupt1776]

If I was to recommend 1 thing to anyone getting into the Tax Game, it would be this:

Save up, or get a loan & buy the baddest ASSet protection plan after you have THOROUGHLY researched which ones are the best. This way you can still do battle & attack those bootlickers & not have to worry about your property getting snagged.

DO NOT USE STATUTORY TRUSTS !!!!

AND STAY AWAY FROM USING THE CODE ! ! ! !


Code Kills !

[suijuris]

The best asset protection I can think of would be to have liens in place against your assets so anyone else can get in line.

But like weis said, the time to plan is now. Otherwise you will be forced into doing battle, and from a very bad position.

[Jerseee]

Yup,

Its not easy fighting on your back!! protect yourselves.

[scottinalaska]

My wife is finally supporting me in closing the bank account! That in itself is a victory(the wife's support). By January, we can be done with that scary kettle of fish for the IRS to pick from.

Now, SJ, liens on our possessions? I only have a house and junky cars. Care to elaborate or point where you mean by placing liends? I like that someone else is in line first, but are you driving at Scott having a lein on SCOTT's stuff?
scott

[rushpat]

Scott: probably not... that sort of thing gets ignored. How about getting a trusted friend to put a friendly lien on your stuff?

Also, you could start an LLC or a trust which isn't directly traceable to you, and have them put liens on your stuff.

If you take the time to set up multiples, then you could have liens on those entities as well.

Just a thought.

[scottinalaska]

Thanks for the directions on that, Rush. Better to do it when I am not on my back as Jersee so graphically put it!

scott

[JWR]

What about those of us that are working from paycheck to paycheck, where the only asset is the one that is recieved on payday. I personally don't have much in the way of real assets, only my automobile, motorcycle, and paycheck. Not worried about the first two, just the paycheck. I expect a notice of levy any time and expect my non-federal employer to steal for them. How would one protect something like this?

JWR

[suijuris]

Originally Posted by rushpat

Scott: probably not... that sort of thing gets ignored. How about getting a trusted friend to put a friendly lien on your stuff?

Also, you could start an LLC or a trust which isn't directly traceable to you, and have them put liens on your stuff.

If you take the time to set up multiples, then you could have liens on those entities as well.

Just a thought.

Yep, that is the idea. But remember, if you know you are too close to doing battle, and you transfer property elsewhere, there is the chance that the courts may ignore it and say fraudulent transfer or conveyance or something like that.

Think about this scenario:

1. House is transferred to trust, of which you are neither the trustee or beneficiary and have no interest in it whatsoever.

2. Trust enters into a lifetime contract for home repair, maintenance, etc., with a LLC. Trust breaches the contract and the LLC liens the property for the estimated value of the contract.

Talk about layers - that is more layers than a Mexican skiing in Antarctica would wear!

I would not worry about old cars and such, these guys are going after "big money". If they cannot turn around at their auction and sell it for a few grand, I don't think they will bother.

I say one's time is better spent preparing in the manner above than spending countless hours and postage fees sending them mountains of paper they just ignore anyhow. The desired effect is to be ignored because you have nothing to take. Period.

[weishaupt1776]

Somethings should be kept very quiet and if you are going to do something like a lien by a friend, the less that know it the better it is.* It is a fraud or at least a sham*if you are doing it just to block the IRS lien.
*
Please think about what you do

You have to be very quiet if you do something like this and if you don't think it all out real carefully it can come back to bite you.
Say if you bought a friends household furishings to shift the jurisdiction to the feds.* Then you left him an out in the contract which was he had first option to cancel, so he was protected.* You know you are not going to try to take his furniture but you wanted him to feel good about it as well.* So, if you do something like this, you want to be sure you make look real ligit, leave yourself a way out, and keep it really quiet.* Loose lips sink ships.
If you transfer title and still use the car, they will call it a fraudulent transfer and take it anyway.* The best thing you can do is transfer title and not use it till all this blows over.
*
Working for an LLC as an independent contractor is a good idea.* If you could arrange it, you should drive either a rented or leased vehicle, so they can't take it.* The IRS does write off taxes if they think they can't collect, so getting rid of your vehicle on a temp basis is not a bad idea.* You might also have a junker so you won't have anything worth taking.* Look for something that has a good drive train and is safe but beat up body.* Customized by crash is the best kind, not enough to be unsafe, just enough to make it worthless.
*
After you get the IRS off your back, then you can buy back your vehicle so to speak.* They openly admit they work like a collection agency.

[suijuris]

Yes, mum is the word. Keep your private affairs that way. And always remember this forum is open to the public!