Seems like when ever we have problems the answer is more regulation. Patriot Act and ect more taxation. Maybe instead of being so quick to regulate we might look to ask our fore fathers would they have wanted more of our freedoms taken away and more money spent on regulation. Remember any time you regulate poeples money too much you will hear the sucking sound!!! This sucking sound is the sound of capital being removed from a low return high regulated and high taxed region.
Money can move way to quick in todays markets for congress to be so foolish to think they can regulate moneys movement. Reduced regulation and taxation grows economy. The Patriot Act , no thank you I am not interested in a third party government or ect controling my every move. With todays technology there is too much room for them to abuse these powers. Whether they are selling your personal info to marketing companies or not. I dont want that information in there hands. Id rather fear the terrorists than fear my government. Terrorist laws wont stop em it will just take away freedoms and make your lives as citizens more cumbersome. Not my idea of a free America. Freedom is important for capitalism it makes the movement of capital to investments easier!
As far as the excuse if you are hiding capital you are a trouble maker is non sense it shouldnt be illegal for a guy to keep 5 to 20k cash laying around for access.
I believe I earned the money I should have the right to have it in my pocket, closet,bank account or ties up in diamonds gold or even in beanie babies if I want to.
If the banking system has its way soon it will not be legal to carry or have more then a few thousand dollars cash on hand at any one point in time. Dont let government regulate your money or investments and markets will stay free. Yes they are riskier markets but they are still free. If you dont agree then study depression era banking and gold and currency crisis of that time period . Even with todays monetary
regulations having cash and gold on hands is smart. Wouldnt the government love to know exactly what you have so they can sieze it in a national crisis if they had too? Do not let others control your assets. Protect yourself and your property rights from free spending and central planning government types.
I own about 30 acres of prime real estate. I am on medical disability and about to lose COBRA. I want to make sure my assets are protected as my debt may run up if I get sick and go into the hospital. Was wondering what types of protection is available to protect my property from creditors.
Posted by John Merchant on December 12, 2006 at 22:56:50:
I’d recommend you see a local lawyer and see if there’s any kind of legal maneuver that would let you convey now to a 3d party entity or person and remove it forever from your creditors’ hands.
Trouble is, to do that honestly it would have to be removed from YOUR hands too and never just concealed behind claims of ignorance.
In other words if anybody ever asks you under oath about what, if anything you own or owned and sold, you’d have to tell them everything or be guilty of criminal perjury.
Now you could possibly lawfully trade the land for an annuity payable to your family and that might be beyond a creditor’s grasp, but again, run that by your lawyer as to your state’s laws on it.
Posted by River City on December 12, 2006 at 13:41:43:
I am not sure there is anything you can do now, after the fact. This would be bordering on fraud and anything you do could possibly be reversed. I could be wrong because I am not an attorney, nor do I play one on TV.
I’m not sure what “after the fact” you’re referring to. I currently have no outstanding debt. I still am covered by my old medical insurance via COBRA. It will run out in April of next year. I want my assets protected by then.
Posted by david cech on January 03, 2007 at 20:24:46:
You could sell the land and take the money out of the system ,all cash but now days transactions over 5k and streams of income that are moved in patterns are highly watched thanks to patriot act, that is another lost freedom of privacy. The transfer of assets to avoid creditors or Bankrupcy is fraud and can be reversed. Its not illegal to sell the asset and blow the proceeds at the slot machine. I know you wouldnt but when they came looking for the cash I might say sorry I got a drug habit or gambling habit I blew it. Is it illegal yes but if you are trying to avoid debtors this is a slippery slope. At any rate many ways to easily hide money. Its laundered in gold silver diamonds. I would find a partner you can trust and after you sell the piece of realestate involved invest it in a new asset.
Become a silent partner. Danger is of course you loose
control. The best way is make lots of money on deals to pay for health insurance and medical costs and be whats known as some one that rises above the hurdles legally.
Posted by Wayne-NC on January 23, 2007 at 11:13:39:
Question: Who pays when others can’t or worse yet, don’t want to and act? Answer: Everybody! Followup question: What begins to happen when more and more people fall into the “don’t want to and act” catagory? Answer: Higher taxes! Less and less ready, willing and able to carry the load! See where I am going with this? I really like your last solution the best so this is not personally directed at you. However, I am somewhat troubled by those that either purposely or recommend, suggest or even mention about screwing society in one way or another. That being loosly defined as: one wins while others loose. There are many ways to plan, save, and invest to solve ones’ problems as you know. That is to be encouraged. Creating a win-win situation will benefit all in the long run. REI does just that. The Patriot Act does more good that harm. So what if money is tracked. If there is nothing to hide and no intent to defraud, then what’s the problem? Lastly, I wouldn’t admit to a drug habit. I know you didn’t mean it but I got your point as an example though. That is like getting out of the frying pan and into the fire! LOL