Understanding Tax Law in California
Monday, September 15th, 2008 Subscribe To Our Feed
Perhaps you’ve heard of or seen Hollywood’s portrayal of Swiss Bank accounts, Offshore Trusts and Corporations, and Tax Havens of the rich and famous as jet setting moguls live mysterious yet exciting lives. Well, in California things are differe,t because mainly, in the real world, although these same financial structures (most administrated by reputable and legal banks), have been around for hundreds of years, there are still many people who consider the above strategic asset protection entities as illegal. I think we need to look at what they were intended to do. Asset or lawsuit protection laws were designed for the very purpose of protecting your assets from being frozen and the possibility of unjust forfeiture.
The reason why I’m writing this article is because I used to work for a Tax lawyer in California firm, and trust me, I know that I’m talking about. In many cases, many others consider asset protection a moral dilemma, something unethical or dishonest. This is the furthest thing from the truth.But, at the same time, I’m not trying to start a moral debate here nor am I recommending nor would any attorney in their right mind advise that you avoid paying a judgment or fine that you rightfully owe.
That being said, I feel you should be in the position to make the final verdict on what is fair and right. Because when lifetime, incumbent judges and bleeding-heart juries stop handing out ludicrous decisions, then I’ll be the first person to tell you that you’ll no longer need to protect your hard earned assets. I guess the irony of it is, that California Tax attorneys, government agencies such as the IRS and the FTC, and everyone outside the asset protection circle, make every effort to characterize legal asset protection as dishonest, fraudulent, or worse.
Of course, their motives are transparent. They viciously denounce anyone who successfully stop their efforts to collect or seize their assets which then disrupts the stream of income flowing in their direction.
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