According to the law, the federal government has the power to seize your property, especially if you are facing federal charges or have outstanding bills from the IRS. You must remember that the government does not require sentencing or a conviction for them to be able to take possession of your assets such as your vehicles, your home, and even your finances. If your government seeks to seize your possessions and assets, the best thing that you can do is to allow them to take over your assets and possessions. After all, refusing to forfeit your assets and possessions to the government could lead to bigger problems for you.
When it comes to facing federal cases, the government has the power to take over and seize your business, home, automobiles, and proceeds, or income. If you are facing IRS payments, you will also be facing federal charges and serious audits. These things are stressful enough, but the prospect of losing your assets and possessions is more frightening. Most people have a difficult time handling a situation like this because they feel that they have no power over the government.
Aside from being involved in federal cases, the government can also seize your assets and other possessions if you fail to create a will and testament to determine where your assets and possessions will go if you die. Technically, planning for your assets and possessions in the event of your death will give the government the power to distribute your assets and possessions in the best way that they see fit. Therefore, it is important to protect your assets and possessions so that they will not end up in the hands of the government.
In this case, it is not always a bad thing for the government to distribute your assets and possessions if you were not able to plan for your assets and possessions before your death. However, it will rob you of the opportunity to distribute your assets and possessions to family members and other significant people in your life. By failing to make a concrete plan for your assets and possessions, you are giving the government the power to handle your assets and possessions for you.
Below are two ways on how you can protect your assets from the government. It is important to seek legal counsel if there is a possibility that the government would be entitled to seize your assets and possessions. By protecting your assets and possessions from the government, you are making sure that only you are entitled to make significant decisions about your assets and possessions. Read on to learn more.
Protective Business Structures
If you own a business and are making a stable income out of your business, you can resort to choosing a protective business structure to protect your assets and possessions. After all, IRS will have a very difficult time obtaining property from limited liability companies (LLC). If your business is under an LLC, you will be protected from personal liability for all the debts of your business especially if there is no solid proof that you and your employees have acted in an ethical, illegal, or irresponsible way in carrying out your business’s activities.
This way, you will face fewer problems with IRS because you have already protected your business from risks of closure that could result from the government’s involvement. In addition to this, choosing a protective business structure for your business will enable you to analyze your business’s goals and to determine whether these goals are in line with local, state, and federal laws. The more knowledgeable you are about the legal matters that could concern your business, the more capable you will become in terms of protecting your business and other assets from the government.
Consider Legal Trusts
Legal trusts are generally related to estate planning. By establishing legal trusts, you are making it easy to shift ownership of your assets whenever you want this to happen. This is a good way to protect your assets and possessions from the government because you can always decide to transfer your assets and possessions to a trusted family member or friend so that the government will not be able to seize them from you if you get charged with a federal case.
If you want to establish legal trusts, you need to think things through properly because there is also a risk that the persons you have appointed as trustees might make circumstances worse for you. However, you can also rely on the law to keep your assets safe if you consider legal trusts to protect your assets and possessions.
When it comes to protecting your assets and possessions from the government, thorough and meticulous planning is very important. Protecting your assets and possessions is necessary so that you will not end up losing these assets and possessions to the government.