Cash Under The Mattress: A Nevada Trust Can Protect That
Cash Under The Mattress: A Nevada Trust Can Protect That
Hi everybody! This is attorney Gary Fales again, talking about asset protection, and today I want to talk about gold and cash that's "under the mattress."
If you have some gold or cash that's "under the mattress," you might think that you can lie about the fact that you own those assets. In reality, nothing could be further from the truth. In fact, I was at a workshop on Saturday, and I was speaking with some people and I was asking them, "Let's say you get sued and you lose and you end up in the debtors' exam: what do you own?" And they responded, "Whatever I own, I don't own that cash and that gold!"
We all kind of laughed, but the truth is, if you are asked under oath "What do you own?" and you fail to tell them about the cash or gold that you have hidden away in a safe, safety deposit box, under your mattress, or buried, you have committed a felony. It is a felony if you are under oath and you lie in response to the questions you are asked.
I want to show you how, using the Nevada Asset Protection Trust, we can actually speak the truth and still keep the things we own and value.
If you transfer the cash or gold (and it can remain in that form) into the Trust with an assignment, and record the fact that you've made the transfer, then by Nevada law creditors have two years from the day of the transfer to attack the Trust. They also have six months from the date they discovered the transfer to attack the assets that are in that Trust.
Thus, the whole idea is to get these assets into the Trust as soon as possible, and get through the two year window of time, and the six month window of time. Then later, if you do get sued and lose, while you're in the debtors exam and they ask you, "What do you own?" you can tell them "I don't own anything." When they ask, "Where did it go?" you'll be able to speak the truth: "I transferred this amount of money into the Trust over two years ago, and I recorded such transfer."
Therefore, the time period for them to attack the trust assets, the cash and the gold, is over. This is the overarching goal that allows you to go into such situations without lying about your assets.
There are various ways that you can get caught in the lie. Often, the people I speak with say, "If they ask me, Where did this money go? I see it leaving the bank account in cash, where did it go?' I will lie about it and say I gambled it."
But is that really the truth? Did you really spend it? In reality, I've had a client sit in jail for three months because the judge did not believe the story that he put together regarding what happened to the assets. It's never a good strategy to go into a situation thinking, "If I lose a lawsuit, I'll simply lie about my assets."
The Trust, as I said before, keeps you honest because you're able to honestly say, "I don't own anything, but yet I did transfer these assets into this Trust, and you can't get your grimy paws on this." Because, under the laws of the State of Nevada, no action may be commenced against your Trust as long the assets have in the Trust for that proper period of time.
Often I'll have people come to me with significant amounts of cash that they've acquired through various means. After they have proven to my satisfaction that this is not money laundering (sometimes people simply acquire cash and there's nothing illegal about it) they'll say, "It is very difficult to put this cash back into the system, because if I'm sued and I start using this cash, or I put it into my bank account, without potentially losing it."
Once again, the Trust is a perfect way to take legitimate money and legitimate cash (for example, you've already paid taxes on it and so forth) and get it back into the system. This is true because once you've transferred it into the Trust in its current form, whether it's cash or gold, after the two year window you can feel comfortable depositing that money into a Trust-owned checking account. Because the account is owned by the Trust, you're simply taking assets that are already owned by the Trust in the form of cash and moving them into the form of a checking account. Once again, this keeps those assets out of reach of your creditors, so long as they have been in the Trust for that proper period of time.
So this is Gary Fales and I hope that has been informative. Thank you!
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