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It is no secret that the United States is the most sue happy, litigious society on earth. That said, it is important to note that many of these lawsuits are a necessary component of our legal system, and possibly the only means to right many of the wrongs that occur in our society on a daily basis. Unfortunately, the flip side of this observation is that many of these lawsuits are based on nothing more that an attempt by one party, with the aid of an unscrupulous attorney, to seize as much money as possible and generate a financial windfall for the suing party.

First, if you rightfully owe money to the IRS you are required to pay it. Second, if you are brought to a debtor's exam, you will be forced to disclose what assets you have under penalty of perjury. A properly designed asset protection plan allows a debtor to disclose what assets they control, without sacrificing the protection. Anyone who tells you that setting up a corporation is a means to hide your assets and evade paying taxes is nothing more that a criminal who is advising you to join in their scheme.

Also, be wary of anyone who is advising you to shield yourself through the use of "bearer shares". Bearer shares are corporation stock certificates which are owned by the person who holds them, the "Bearer", and are not recorded under the owner's name. Some unethical asset protection advisors tout bearer shares as a means to shield the ownership of a corporation and thus evade the tax liability associated with the corporation. The IRS has been aware of the practice for a long time and if they catch you using bearer shares to avoid paying taxes, be prepared to take an extended vacation in a federally funded resort with no pool and plenty of concrete.

Any ethical asset protection advisor will tell you that the use of bearer shares is a BAD idea and if some expert is telling you otherwise, politely excuse yourself and run awayquickly. 

Further, be aware that any advisor telling you it is possible to absolutely "bulletproof" your corporation from liability is lying and they are simply after your money. There is no magic cloak of protection from liability. That being said, a sound asset protection plan is an essential part of the success of your business. Although you cannot protect all your assets from legitimate claims, proper asset protection can limit the assets exposed to those legitimate claims. With proper planning and advice, you should be able to adequately limit your personal liability and protect yourself from illegitimate claims and unscrupulous individuals.