Question
Is there such a way to hide assets? And how does one go about not informing what assets they have by trying to get financial help for a ALF? How far back (in years) do they go,and how is the research conducted?
— Caring.com Community Member, Sonny
Answer
answered:
If assets have title and title holders are sound of mind, title can be transferred to an heir or descendant. This does not require an attorney. And all paperwork, including the deed can be filed with the courthouse where property is. If assets are financial, accounts can be rolled over to an heir that is a student for educational purposes. The student need not know about this transaction or transfer of funds. But annual statements and tax statements need to be routed to whomever is planning on paying taxes for those assets. You don't need a lawyer for that either. One of the best ways to do both of these is to visit an investments broker, such as Edward Jones. They are not stock market brokers, and in most instances charge a small annual fee for administering the accounts. Attorneys and CPAs are dreadfully expensive if you ask them to assist you in "legally" hiding assets.
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