5 Common and Illegal Asset Protection Practices (and why you should just hire an asset protection lawyer

Without the help of an asset protection lawyer, you can find yourself in court with little legal help when it comes to protecting your assets. Any one of these illegal pitfalls could become your next move without an asset protection lawyer.

Concealment. When you have filed for bankruptcy and are listing your assets That will be considered in your bankruptcy estate, you can conceal your assets from the lawyer and the court by simply not listing them and not providing any information about their existence. This is highly illegal and can quickly turn a simple bankruptcy case into a criminal case. You must disclose every asset under your name or your business’s names, if it is your business filing for bankruptcy or you will face charges of concealment of assets.

Tax evasion. Tax evasion is a common, well-known practice in which a business or an individual misidentifies their income or financial status that year on federal tax documents in order to avoid higher taxation. This is somewhat similar to the concept of concealing your assets, since it’s pretending that part of your assets don’t exist, but concealment is particularly in a bankruptcy case. Tax evasion can be committed by any individual at any point in their situation. While it might seem like this can protect your assets, it is more likely that you will pay more money to get yourself out of legal trouble unless you find a good lawyer.

Contempt. This process is relatively simple and can affect multiple situations, but divorce is a common one. To be in contempt of the court is to willfully not comply with a court’s order to provide documents or assets as part of the procedure. This would be a situation where the lawyers have decided that the assets should be split between you and your ex-spouse a certain way, and that certain way involves an asset currently in your name. You are instructed by the lawyer to give that asset to your ex-spouse. You willfully deny this order. Being in contempt of court can lead to heavy fines and imprisonment. For some people, it feels like the only way to hold on to their assets. It’s an act of desperation.

It can be difficult to understand the legal processes of asset protection without the help of a skilled and experienced lawyer. Here at Olson Harnish Law, we daily provide asset protection services to our clients. We know these laws inside and out and can help you protect your wealth without breaking the law. Contact us today to learn more and set yourself up on a path of legal asset protection.

Olson Harnish Law is an asset protection lawyer and estate planning firm located in Salt Lake City. To plan for the security of your family call us today and schedule an appointment!