Asset protection - foreign judgment

[jamescook]

I've been following this interesting forum for a while now, and it's really great, but i was wondering if anyone here could guide me with solving a very specific problem. Anyone with any expertise into my problem, your insight would be greatly appreciated!

-> My problem is the following, I inherited a lot of money, but one of my siblings didn't and this person wants to sue me and my brother in court. We didn't inherit this from our parents, they are still alive, but from someone me and my brother were very close to, yet my sibling is very jealous and perhaps has some ground for suing. That my sibling would ever win is doubtable, yet I do not want to take chances.

I'm still in medical school/doing my internships, and this inheritance currently accounts for 100% of my net worth, my brother is going to ride it out, but I would like to protect my assets.

-> I'm living in an EU country, so what are my options for asset protection? I just want to hide the money for at least a year (i'm planning on leaving europe after graduating this year). Are there any trustable countries where I can just open an LLC, and where LLC assets can't be seized upon, since they are a seperate entitiy? I was thinking about some Eastern European countries? Or will this not work, since I would be the owner of the LLC?

-> Or am I better off opening an offshore trust in one of those caribbean countries?

So basically => What country and what setup is best for asset protection from foreign (EU) judgment, and just to be clear this would just be civil court, between siblings, all of the money is 100% legal, all taxes are paid, no tax evasion or anything like that, I just feel like this might end badly for me and my brother, and that in the chance of an unfair judgment we would lose all that money for nothing. And my mother is a lawyer, I grew up with hearing about unfair judgments.. Oh yeah as you can imagine, my mother is not someone I can consult in this right now, unfortunately, or fortunately! she wants to stay completely seperated from our dispute.

Anyone that can help, your help is greatly appreciated!!! Thanks!! And thanks again to the owners of this forum as well, I hope I can use/contribute here for many years to come, really interesting stuff!

 

[Clip]

I just want to hide the money for at least a year

Hard to hide money nowadays. If you try to move the money from the bank and they won in a civil lawsuit they can acuse you of fraudulent bankruptcy because in theory you knew that you moved to avoid paying.

LLC, and where LLC assets can't be seized

From what I know a LLC can't be seized but it's dividends can and if you don't do it in a proper way you may end paying taxes two times.

Eastern European countries

Don't do that mate, you have risks and the money could be seized anyway.

The best option could be buying stablecoins but make it doesn't look like stablecoins, so don't buy it from a well known exchange, better an OTC deal and you justify the operation as expense.

 

[jamescook]

Hi GiGoGo!

Thanks for replying!

1) But there is no judgement, there has not been any court date or anything like that, but I'm assuming this person is seriously thinking about it. Also I live in a country with 0% chance of having any serious consequences for fraudulent bankruptcy.

Would it work with an cook islands trust fund? After 2 years there can be no more judgements etc.

2) But the LLC will not be doing anything, there won't be dividends, since there is no activity, just the minimal required by the local laws. And usually money you put into an LLC, you can take out again tax free no? I'm not talking about income, i'm talking about taking out again the initial investment.

3) It's a serious amount of money, i'm willing to take risks with it. I do not want to settle, but I'm not keen on cryptocurrency. Also wouldn't that just be the same as hiding it in a trust fund?

 

[Clip]

1) But there is no judgement, there has not been any court date or anything like that, but I'm assuming this person is seriously thinking about it. Also I live in a country with 0% chance of having any serious consequences for fraudulent bankruptcy.

Are you sure? If you move the assets and the judge things you did that for no paying it could have consequences

Would it work with an cook islands trust fund? After 2 years there can be no more judgements etc.

Sure, but good luck creating a bank account for it. It would be really expensive, I know a friend that took 3y for a forex license in Cook Island and he still need to travel physically every year.

usually money you put into an LLC, you can take out again tax free no?

Correct, you can make a loan to the LLC, but look at the first point.

but I'm not keen on cryptocurrency. Also wouldn't that just be the same as hiding it in a trust fund?

Because a trust can be challenged, but a USD stablecoin in a cryptowallet is nearly impossible to hack if you are careful

 

[JohnSeed]

You need to consider crypto into your plans as well as Gold and other expensive stuff. If you are up for it you need to consider darks. As mentioned here already it is very difficult to hide money on a bank account now a days!

 

[jamescook]

Because a trust can be challenged, but a USD stablecoin in a cryptowallet is nearly impossible to hack if you are careful

Thanks for your replies guys, it's greatly appreciated!

GiGoGo, could you refer me to a guide on how to buy these stablecoins? You mentioned earlier that I would be best off using OTC and filing it as expenses, it's a little unclear to me what you meant by that? Because all the money I own right now is all in my private name, I have no companies, as I mentioned I inherited in a personal name a lot of money, not through any trusts or companies.

Basically I'm up for everything, I will not be touching this money for at least 2 to 3 years. I make enough money already in my internship to live of, and i just want it to be safe, I'm looking at losing 50% if I lose in court. It just makes me emotional and depressed. If it comes in front of the judge, my lawyer says I would probably win, but I'm not so sure, the doubt has made me lose a lot of sleep over the last months, so I finally decided, I just want to put the money somewhere safe, even if it's cash or gold in safe somewhere, I don't care, I just don't want this sibling to unfairly take my money, this would leave emotional scaring. (Every family has it's trauma's I guess.., but I just feel it would scar me emotionally, even more than losing the money.)

Again right now, there is no court order, there is nothing, the money is all 100% legal, all taxes paid, I already waited to many months, it's giving me anxiety, so right now is the moment for me to either take it all out in cash, and store it somewhere, or put it in some company in Eastern Europe, or Carribean islands, or in gold or in cryptocurrency. The only thing with crypto is all the horror stories of the exchanges.. I understand you recommend me to avoid exchanges, but I'm not very familiar with crypto and how to cash out the stablecoins afterwards? In 2-3 years? The cryptocurrency world seems so volatile in it's nature, not only currency exchange rate wise, but in it's laws, fraud, etc. So the question is, will this coin still exist in 3 years .. and will I even be able to cash it out? I'm willing to take risks, but since all my money is legal, I would prefer something a little more trust worthy. But I'm completely open to cryptocurrency! Even currency that can be highly volatile, but I would like to know I can cash it out at some point.

Also if I would setup a company in a non crs country for example, and have an LLC bank account in the same country, wouldn't it be extremely hard for them to find out that I have an account there? There is a lot of limitations on how long they can seize money in my case, that's why even one year would already be sufficient for me, they are already drawing the limitation time for lawsuits, and if I can just postpone it a bit more with my lawyers and have it safely tucked away somewhere for one year, I would already be super happy. Again i'm also totally open to gold etc. But i'm not going to keep gold for that amount in my house, it's a lot of money, and I want it to be in anonymous safe at least or something like that.

Any help of mentor's would be greatly appreciated!!

 

[John Andrews]

Buy gold and store it in 2-3 foreign countries?

Set up a trust in Liechtenstein?

Plenty of options, the question is which one is the best.

 

[jamescook]

Hi admin, can you please delete this thread? I didn't know i couldn't edit it anymore afterwards, and maybe to much personal info. thanks

 

[Educate]

Get everything in Bitcoin, nobody will be able to confiscate 20 word seed from your brain.

 

[Outlander]

Slowly buy modest amounts of Bitcoin in cash, through LocalBitcoins or other P2P site. Justify these purchases as miscellaneous expenses - fancy restaurants, trips, etc. Make it look like you're using cash for living your new normal life, not fleeing from potential lawsuits.

Bitcoin is easier to find and buy through P2P, but for a store of value you want to hold the majority of your cryptoassets in stablecoins.

Set up an account at a foreign exchange. Use a proxy account holder if needed. Send your BTC there, exchange for a stablecoin such as Gemini Dollar.

Cash out the stablecoin into a cold wallet. Store the seed safely. No one will ever confiscate that from you.