Anybody here been through asset forfeiture?

[whateverman]

There's really no right answer here. There is no point is getting it if you can't spend it, at least some of it. You've gotta live a little. Leasing is totally retarded for a financially-conscious person; you lose the game before you even get caught. Finance long payments on everything and you end up paying thousands of dollars of interest as a mere short-term insurance policy against forfeiture.

I guess the smart play is to spend your play money on travel, dinners, etc. while keeping your "toy collection" to a minimum. I want a boat though.

Fuck it.

 

[Zonker]

Thanks for posting. You sure the bolded is true though? You telling me that a 40K truck with 500 dollars left on it can't be seized? Sheeeit imma buy a vette and put 57K down, then finance 2K over 72 months. lol. See what I mean? I'm sure they can snag whatever you put into the payments back out.

Cosmic, check your PM's bro. Epic post.

If there is an active lien on it, property cannot be sold, not even by LEO. The lien holder is considered the primary owner until the entire lien is paid off, as the property was exchanged for the value placed against it. LEO wants to sell it, they first have to pay it off to gain ownership rights to it. this is especially true for any titled property such as autos and real estate.

 

[whateverman]

If there is an active lien on it, property cannot be sold, not even by LEO. The lien holder is considered the primary owner until the entire lien is paid off, as the property was exchanged for the value placed against it. LEO wants to sell it, they first have to pay it off to gain ownership rights to it. this is especially true for any titled property such as autos and real estate.

Do they ever do this?

 

[Strainhunter]

Do they ever do this?

Huh?

A lien is a 2nd or 3rd debt on a property.

As previous poster already stated that lien HAS TO BE PAID OFF before the property can change ownership.

 

[whateverman]

Huh?

A lien is a 2nd or 3rd debt on a property.

As previous poster already stated that lien HAS TO BE PAID OFF before the property can change ownership.

"LEO wants to sell it, they first have to pay it off to gain ownership rights to it."

So say there is a car worth 50K that has a few grand in payments left. can't LEO pay off remaining nibble, take ownership, then sell it at value in auction? Sorry if that is retardedly far-fetched, I don't know about these things. I know this has been addressed a few times but I'm still unclear as to whether or not they actually do that..


If not, it seems the strategy on buying "stuff" is to put massive chunks down and milk little payments on loan..

 

[Strainhunter]

"LEO wants to sell it, they first have to pay it off to gain ownership rights to it."

So say there is a car worth 50K that has a few grand in payments left. can't LEO pay off remaining nibble, take ownership, then sell it at value in auction? Sorry if that is retardedly far-fetched, I don't know about these things.


If not, it seems the strategy on buying "stuff" is to put massive chunks down and milk little payments on loan..

Nah not "retardedly far-fetched" @ all.

Someone gotta do it, who actually does? No idea.

And yes "the strategy on buying "stuff" is to put massive chunks down and milk little payments on loan" is the way to go.

 

[whateverman]

Interesting. I'm not doubting you it's just..there has to be a critical element of this I'm not considering. Otherwise everyone would adapt that strategy. It's brilliant if true; keep your whips at almost no risk of seizure by paying a pittance on interest but technically not owning the vehicle. Sheeeit no grower in his right mind would ever buy a car outright if this were true.

Maybe everyone knows this and does it, but I've never heard of it before in my life...

Truly appreciate everyone's wisdom on this little brainstorming venture we have going here..

 

[trichrider]

too much equity...no balancing act there, you need to be upside down...

for the loan i meant...

 

[Strainhunter]

Interesting. I'm not doubting you it's just..there has to be a critical element of this I'm not considering. Otherwise everyone would adapt that strategy.

........

The most critical element here is the grower himself.

Many DO adapt their own variations of this strategy.
That's why it is SO HARD to answer individual questions regarding this subject.
Everyone's situation is unique hence different.

The key with everything is NOT TO RAISE RED FLAGS.

Once one did get busted...shit hits the fan for sure.

 

[headiez247]

I'm sorta iffy on the car/boat/atv/house thing.

It's one thing if the vehicle is legit not worth any money.

But if you have a Cayenne Turbo and do what Strainhunter said, say you put down 80% and finance the rest, and get busted with 10k miles on it, what is stopping the cops from selling it, then paying off the remainder with the money made from the sale? Also, that in itself is a red flag. If your sole source of income is from growing and you wanna put down more then 9k in cash down on a purchase, you can expect IRS to come knocking at your door sometime soon.

If I as a private citizen have a house/car/boat whatever and still owe money on it, I can still sell it, why cant LEO?

I find it hard to believe that all these LEO auctions I see are all vehicles that were 100% paid off at the time of being taken by LEO. The average drug dealer is a fucking idiot and I doubt most pay everything off in full.

I've never dealt with this so I'm no expert, I'm just saying what comes to my mind.

Re: setting up cash based companies to funnel money. This is waaaay easier said then done, and criminals have been doing it for decades. LEO is not dumb especially when it comes to shit like that.

 

[whateverman]

too much equity...no balancing act there, you need to be upside down...

for the loan i meant...

So they can and do buy off "stuff" from the lenders and resell when financially viable? This is what myself and others seeks clarification on.

Thanks.

 

[Strainhunter]

....

But if you have a Cayenne Turbo and do what Strainhunter said, say you put down 80% and finance the rest, and get busted with 10k miles on it, what is stopping the cops from selling it, then paying off the remainder with the money made from the sale? Also, that in itself is a red flag. If your sole source of income is from growing and you wanna put down more then 9k in cash down on a purchase, you can expect IRS to come knocking at your door sometime soon.

If I as a private citizen have a house/car/boat whatever and still owe money on it, I can still sell it, why cant LEO?


........

You don't make/maintain your payments from an account based in the US of A.
Then the IRS can knock as much as they want.
And even IF one get's busted...how are they gonna seize liquid assets from an account in a non us friendly country?

The above does NOT mean you're not gonna lose what you got within US jurisdiction.
But @ least you got something to return to (your foreign based assets) if and when you get busted.

It's all a "cat & mouse" game.

 

[whateverman]

You don't make/maintain your payments from an account based in the US of A.
Then the IRS can knock as much as they want.
And even IF one get's busted...how are they gonna seize liquid assets from an account in a non us friendly country?

The above does NOT mean you're not gonna lose what you got within US jurisdiction.
But @ least you got something to return to (your foreign based assets) if and when you get busted.

It's all a "cat & mouse" game.

Bad idea if they get wind of your monies.

http://www.taxhelpattorney.com/articles/irs-international-collection.html

 

[Strainhunter]

Bad idea if they get wind of your monies.

....

Bad idea in first place if one gets caught FedExing piles of bills out of the country.

But what's not a "Bad Idea" these days if it helps the little man?

The gov wants it share and they do what they can to get it.

 

[BigDawg]

who would finance you a $20-30k+ boat, car etc without a job and legit source of income? Not many. If you pay straight cash under the table with a private seller, then of course the cops will take your boat and car if it is at your grow, or if you got popped transporting pounds in it. Also, If your drivers license leads back to a home with all your boats and stuff then they will find it and take it.

The only way to keep it is to prove you bought it with legit income and if your home and car wasn't used in the commission of a felony. Otherwise, you best hide your toys really well.

 

[Strainhunter]

who would finance you a $20-30k+ boat, car etc without a job and legit source of income? Not many.

.....

These days most dealers who do NOT sell on consignment.

You just have to put down around 50%, sometimes up to 80%.

 

[BigDawg]

i was searching the forums and saw where a guy got busted with 24 plants in TN. He had to pay $8,800 or the cops were going to put a lien on his home. I'm not sure what kind of home he had or if it was paid off. That state is known for harsh asset forfeiture laws/corruption. They also have tax stamps.

He also said this: " Not only did they seize my bank account they levied a tax on me in the amount of 8,400 sum mod dollars, took my brand new lawn mower which I have not even made the first payment on. I was told that would most likely return this to me when they find out that I owe money on it as all they want it for is to auction it off. "

 

[headiez247]

You don't make/maintain your payments from an account based in the US of A.
Then the IRS can knock as much as they want.
And even IF one get's busted...how are they gonna seize liquid assets from an account in a non us friendly country?

The above does NOT mean you're not gonna lose what you got within US jurisdiction.
But @ least you got something to return to (your foreign based assets) if and when you get busted.

To anyone reading, I strongly suggest against doing this.

You are just begging for IRS/LEO attention when you start paying for things out of foreign bank accounts when you don't even make any money on paper to begin with.

Also having a foreign bank account doesn't protect you nearly as much as it used to. Someone already posted a link and there are countless others. You kidding urself if you think having a foreign bank account makes your money untouchable by the feds.

 

[Strainhunter]

To anyone reading, I strongly suggest against doing this.


........ You kidding urself if you think having a foreign bank account makes your money untouchable by the feds.

Oh man.....I can't believe I have to explain this.



The way it's done is as following:
(don't do this @ home if you got/intend to use illegal assets...because it is...ILLEGAL!)

Open foreign US$ account. (not illegal)

Transfer funds as needed to US account. (not illegal)

Withdraw x amount from US account as needed. (not illegal)

Use moneys as needed. (not illegal)

The only thing that IS illegal is this: Transferring undeclared & illegal funds from out of the country to deposit them in foreign country account.



Capriche now?

 

[BigDawg]

if assets are paid off with dirty money and they find it, they will take it all; especially an 'intent to distribute' charge.