By: Mark L. Dodds, Esq., Partner at Grant Morris Dodds
We often receive inquiries from clients looking for asset protection services who wish to achieve greater anonymity regarding their assets, including real estate, investment accounts, business holdings, and so forth.
It is important to understand that “hiding” assets is not a valid principle in asset protection. In the event a person is sued and has a judgment rendered against him, he may be put under oath in a debtor’s examination and, under penalty of perjury (a felony), he must disclose his assets to the questioning authority.
So merely holding assets in a name not readily traceable back to you should not be viewed as a good way to protect your assets. Nevertheless, keeping a lower profile, maintaining privacy, and generally avoiding the spotlight are viable reasons for obtaining anonymity, at least for certain people.