Bank levy laws vary from state to state, correct?
Some states have laws that make it easier for bank accounts to be frozen, while others are more in favor of the consumer?
- Anyone know anything about which banks, and/or states, offer the most consumer protection? - Does forming an LLC holding corporation help? In what state? Any key points to prevent an attorney from "piercing the veil?" - Which states are the WORST for the consumer? - Any especially stupid mistakes to avoid when trying to protect assets? *** For example, if one has funds in a joint account, and a bank levy is leveraged against just one of the owners, then the account can be frozen! This can be a nasty surprise for the other(s) named on the account. Can you imagine writing a check for your car payment, only to have it bounce, and your car repo'd! All because your account was frozen because the other person named on the account defaulted on their credit cards?  *** Another example, banking with "Big" banks can be a bad idea. When a creditor is seeking to freeze an account, it can be hard to find out where the defendant is holding their cash. So, they'll blindly send letters to big banks and those local to the defendant. Many times they get lucky, and an account exists in the defendant's name... and their account gets frozen! For this reason, "small is beautiful," and it's better is to bank with a smaller bank in a different state. more difficult for a credit agency to lock someone's assets down--exponentially so if the defendant keeps their cash in multiple accounts in different states.
Does an offshore account/holding company make sense, or is that overkill/will attract IRS attention?
Assume that funds are legally obtained with taxes paid.
thx,
Edited by ch1ck3n.s0up (12/27/13 05:02 PM)
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