I started this discussion as paying it forward to others. There's many reason why people hide their money and many different types of people. Some people that hide money are old school people that just don't trust the stock market and banks. Then, there's some that hide for tax reasons or reason to obtain gain.
The types of people that hide their money is elderlys with savings and then there's the rich.
The first thing I would like to talk about is the question people asked on this forum everyday. ("Medicaid" How to get approved if you own to much money?)
The simple answer to that question is "Hide it".
I'm talking about hiding money not assets as Town homes or other assets.
We all know that it's difficult to hide a house but, not money.
When appling for Medicaid. We all know that Medicaid goes back 5 yrs or veries by State. A person appling for Medicaid is allowed to keep a vehicle, Credit Card, Bank Account less then $2,000 at all times. Anymore then that and you will be denied for Medicaid. I maybe wrong on some Medicaid qualifications but, I think I hit it on the nail.
Some say your allowed to donate "Gift" up to $10,000 - $14,000 per yr that's one way of hiding money with family.
Withdrawing a large amount of money from a bank account or closing a bank account. Anything over $10,000 a Fed-report must be filed and option to pay the taxes at that time.Every bank ask for a reason for large amount withdraws. Think of a reason doesn't matter it's your money.
Next question is, What do I do with all this cash I have from withdrawing? Simple, Hide it!
Where is a great hiding place?
Freezer is the best place.If ever a robber in the house.The robber will never think of the freezer.Next best place is a safty deposit box.My advice is to have two people as joint on the box.That way if creditors or other attempt to seek they can't.They won't know whos is whos.It's illegal to place cash in a safty deposit box.But,if they don't know it's cash.Requires wrapping the cash into something prior of placing into the box.And your behind closed doors.
After you hide all you money.
The next question is, What do I say if asked where did the money go?
Your addicted to gambling. You call the 1800 hotline once a month because,your addicted to gambling. You buy lottery tickets all the time. You gambled it all away. That's what happened to all the money! Remember to keep small winning tickets in a box for proof.
I stated all of this because, I feel sad about the people that don't get approved for Medicaid while the rich get approved.Millionairs are on Medicaid getting foodstamps & cash benefits as we speak.That bothers me and is why I'm stating all of this.People may differ and say that's not right that's ripping off the GOV-.Everyone in some way is ripping someone off truth be told.
Yrs ago I worked in a factory that dealed with Steel Coils.All companies with product must do quarterly inventory for profit reason and tax reasons.This company I worked for had many other companies in the USA.Taxes % veries by State to State.If a company is cought by the 4th quarter with large amounts of inventory that must pay taxes on that 4th quarter inventory for the yr.That's how we got our bonus each yr after each quarter inventory.
Just like how Wal-Mart does it. If Wal-mart as too much 4th quarter inventory they will transport, transfer, move that inventory to a lower % tax State. To avoid how dollar tax. Then, after the 1st of the new yr that inventory goes back to the original store.As you all call discounted items.If you think Wal-mart loses gain on discounted items think again.They gained by saving taxes on the 4th quarter inventory that you think is new. Wal-Mart profits $200,000 a hour per day on just one store. Many factorys and companies turned to operate as Walmarts tactics and growing with gain.
Elderly people save all there lives for their retirement & enjoyment.Why should a elderly person with only $20,000 in their savings be forced to pay for medical bills.When there's Millionairs not paying a dime for their Medical thru Medicaid!
Just burns my butt seeing this stuff going on and all getting away with it. Everyone is doing this or will be soon enough.It's nice to give back with real true advice with real answers.