Asset Protection

THE ONE CREDITOR THAT STATE EXEMPTIONS CANNOT PROTECT AGAINST

State exemptions offer absolutely no protection against the most dangerous creditor the U.S. government. The IRS and other federal claimants, including the SEC, FTC and Health Care Financing Administration (HCFA), completely ignore state laws that protect assets. For instance, the IRS can seize a home in Texas or Florida, notwithstanding state homestead laws that fully protect homes from creditors. Similarly, state laws that partly or fully shelter annuities, insurance, wages, IRAs, Keoghs and other exempt assets are worthless protectors against the IRS and other federal agencies. The only assets protected against the IRS are those specifically exempt under the IRS code. These assets are listed in chapter 12.