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Hiding assets is illegal, and if you suspect your spouse may be hiding assets during your divorce and notice odd behaviors such as an unwillingness to provide information or lying, contact an attorney right away to seek out legal action and to protect what is yours.

With that being said, tax evasion is a crime. If you currently owe the IRS money and are trying to hide it, you are committing a crime.

Let us take a look at five of the most popular ways to legally hide and protect your money.Offshore Asset Protection Trusts.Limited Liability Companies.Offshore Bank Accounts.Retirement Accounts.Transfer of Assets.Dec 30, 2020

The two most common ways to protect assets are:Choosing a protective business structure: It is not easy for the IRS to obtain property from an LLC or other corporation.Establishing legal trusts: Though usually related to estate planning, trusts legally shift ownership of assets whenever you decide.

Offshore accounts are not necessarily illegal. Many of the companies that responded to the journalists' requests for comment said they had not broken any laws. But account holders can use offshore trusts and shell companies for illicit purposes, such as to avoid paying taxes or to fund criminal enterprises.

Asset protection trusts are types of trusts that allow you to hold funds for your benefit, but it keeps them shielded from your financial enemies; especially plaintiffs of a lawsuit. So, when someone sues you, the assets belong to the trust instead of you. You can use them, but your creditor cannot.

What Is Black Money? Black money includes all funds earned through illegal activity and otherwise legal income that is not recorded for tax purposes. Black money proceeds are usually received in cash from underground economic activity and, as such, are not taxed.