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Neuman also said that lying is worse than the actual cheating.

Taxation of liquidating trusts

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Asset protection does not deal with secrecy or hiding assets.Hiding assets is an ineffective means of shielding them from creditors because a debtor would usually have to disclose his assets in a debtor exam, under penalty of perjury.Protection of assets against creditors A discretionary trust enjoys creditor protection in the event of the trust beneficiary's insolvency.

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Assuming they earn no other income, they would pay no tax as this amount is below the tax threshold.

Because it is impossible to "bulletproof" a debtor, asset protection involves structures and techniques that make it more difficult and expensive for a creditor to reach a debtor's assets.

The objective is to change the creditor's economic analysis, making the pursuit so difficult and expensive, the creditor will either give up or be willing to negotiate on terms more favourable to the debtor.

The more aggressive and knowledgeable the creditor, the more obstacles we need to erect in his path.

The nature of the assets refers to the specific assets owned by the debtor.