US Government Asset Seizures on the Rise

[Denny]

Retarded to own something outright.

You need leverage for the event you child wrecks into a school bus and the bus catches fire.

Owning something free and clear makes it really easy to take. Paying cash for a house is cool only until you are sued and it is easily taken from you. Otherwise they must take it from the lender, which is usually difficult.

To be a paranoid dude you aren't very paranoid. I'd advise to just get over the interest, write off what you can, and when you feel more comfortable in life pay it off and relax. You still gotta pay the tax man though.

Paranoid? Nah, more like aware. But understood on the easier to take shit. I just doubt they can take what won't be mine.:wink1:

[Broncojohnny]

Another event from 1995 came to my mind. That is when Timothy McVeigh blew the hell out of the govt goons working in the Fed court house. It might take something like that to get their attention.

Meh, he blew up a bunch of kids that didn't deserve it. Fuck that idiot.

[line-em-up]

...

Meh, he blew up a bunch of kids that didn't deserve it. Fuck that idiot.

That was the sad part about it. I wish he would have avoided that.

[racrguy]

So what if I paid cash money for a house and some land?

Retarded to own something outright.

You need leverage for the event you child wrecks into a school bus and the bus catches fire.

Owning something free and clear makes it really easy to take. Paying cash for a house is cool only until you are sued and it is easily taken from you. Otherwise they must take it from the lender, which is usually difficult.

To be a paranoid dude you aren't very paranoid. I'd advise to just get over the interest, write off what you can, and when you feel more comfortable in life pay it off and relax. You still gotta pay the tax man though.

Pay cash for house/land
+Transfer property to LLC
+retain control of LLC
+???
=profit!

I'm not sure of the legalities of it, but I'd imagine that you could do something like this, and if your LLC were to get sued, dissolve old LLC and transfer assets to the new one.

Remember, corporations are entities, that way if Jr. runs over a school bus full of mouth breathers and you were to get sued, they couldn't touch your home/car/toys because the LLC retains ownership, you don't.

[Denny]

Pay cash for house/land
+Transfer property to LLC
+retain control of LLC
+???
=profit!

I'm not sure of the legalities of it, but I'd imagine that you could do something like this, and if your LLC were to get sued, dissolve old LLC and transfer assets to the new one.

Remember, corporations are entities, that way if Jr. runs over a school bus full of mouth breathers and you were to get sued, they couldn't touch your home/car/toys because the LLC retains ownership, you don't.

That's exactly the route I'll be taking (or trying to).

[talisman]

Denny doesn't have a Swiss Bank Account? For shame.

[LANTIRN]

You are actually better off with debt. That way they are going to have to fight the bank to take your shit. It is the small crooked ass towns who try this stuff and they can't fund a legal battle with a bank and come out with a profit, which is their real motive.

This happened to my cousin; she was nabbed for a DWI in a small town, which she was guilty of. However, they added a bunch of other bogus charges, interrogated her without a lawyer, and a shitload of other stuff and then offered to drop all charges if she paid some ridiculous fee AND sign over the truck. Ended up costing her like $30,000 plus the cost of the truck.

There are people that fight that kind of shit, but then there are people like my cousin who either don't know their rights or are scared off by law enforcement, or just plain don't care. It would be interesting to see the numbers of how often shit like this is attempted vs how often it is successful, though I doubt real numbers exist.

As for being in debt so they can't take your stuff; I'd rather just be debt free. If you have enough money to own land and a house and other stuff free and clear, you should have enough to put a really good lawyer on retainer, which you should already have done if you have a CHL. The LLC idea sounds interesting and I might have to look into it for when I am able to buy the land I want, although I won't be able to pay cash so the argument is mostly moot for me since like you said most would not want to fight a bank.

[LANTIRN]

Denny doesn't have a Swiss Bank Account? For shame.

Swiss are giving the US government information on accounts held. I believe the Caymans were supposed to be the new Swiss but I am not 100% on that.

[KBScobravert]

Pay cash for house/land
+Transfer property to LLC
+retain control of LLC
+???
=profit!

I'm not sure of the legalities of it, but I'd imagine that you could do something like this, and if your LLC were to get sued, dissolve old LLC and transfer assets to the new one.

Remember, corporations are entities, that way if Jr. runs over a school bus full of mouth breathers and you were to get sued, they couldn't touch your home/car/toys because the LLC retains ownership, you don't.

Assets are in family trust on a notorized Schedule A. = Problem solved also.

[Denny]

Denny doesn't have a Swiss Bank Account? For shame.

Nope!

Swiss are giving the US government information on accounts held. I believe the Caymans were supposed to be the new Swiss but I am not 100% on that.

I hear their rates are still pretty good.

[YALE]

There's always Belize, Chile, and the BVI, Denny.

[Denny]

I'll take any at this point.

[SMEGMA STENCH]

Swiss are giving the US government information on accounts held. I believe the Caymans were supposed to be the new Swiss but I am not 100% on that.

I always wondered how the government could possible enforce certain taxes, when a person had their money in a swiss bank. Back when they wouldn't tell the US government shit, anyway. I guess now thats changed.

[Sean88gt]

Denny doesn't have a Swiss Bank Account? For shame.

The Swiss have gone bitch.

[LANTIRN]

I always wondered how the government could possible enforce certain taxes, when a person had their money in a swiss bank. Back when they wouldn't tell the US government shit, anyway. I guess now thats changed.

They couldn't really enforce it unless they could investigate your business dealings and find out how much you were bringing in, but when done overseas, even though you are "supposed" to report earned income, a lot don't so it is hard to trace. That is why every once in a while you would hear of someone rich being indicted for tax fraud and they would mention offshore accounts; it takes a lot of investigation for them to figure out what you were doing. For every guy they catch, there are a bunch that get away with it I am sure. I guess it is just one of those times when you have to make the call; are the benefits worth it or should you just report your income correctly? I don't see how it would be worth it; most of those people already have millions in US banks so I don't see why you would risk all that to hide a few million more overseas.