Attempting to hide assets from creditors (con’t)
The Trust Fund
Another more complex way people hide assets is by using a trust fund. Those people with a good amount of money may donate large amounts to a trust such as the Multi-Generation Trust where the children or significant others of the grantors can be named as beneficiaries. People will often transfer property into living trusts. Some people may also use offshore trust accounts. Both of these methods are legal, but if these approaches were done with the intent to avoid bankruptcy or a lawsuit, they are considered preferential or fraudulent. In the majority of states, the judge will order the fraudulent transfers be returned if proof can be found of the debtor’s intent.
Taroff Taitz, LLP is aggressive when it comes to collecting debt, especially against an NY Judgment. A fraudulent transfer into a Trust Fund can be accessible to a creditors rights attorney.
Contact us today to see how we can begin collecting the money owed to you.
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