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re: Hypothetically speaking, what would happen if I stopped paying my California taxes?
Posted on 6/11/19 at 11:09 am to The Funnie Five
Posted on 6/11/19 at 11:09 am to The Funnie Five
quote:
The Funnie Five
Get an out of state Trust attorney and open a Family Trust (an ABC living trust), and re-title all of your personal assets in the name of the Trust. House, cars, financial and investment accounts, etc. anything of value with a documented title or contract of ownership.
You might be able to do this with a Corporation if you're self-employed or a 1099 contractor, too.
Re-finance any lienholders you have with out of state financial institutions that aren't under California jurisdiction.
Open up an investment account with a fiduciary organization that isn't based out of California. Make sure they have an online platform that allows you to manage your account's cash flow, as well as some kind of check writing or electronic funds transferring capacity. Quite a few decent sized independent wealth management firms use large independent broker-dealers that have this capability.
Then transfer ALL your savings and checking to these accounts and close your bank accounts in California.
ACH/EFT all your paychecks into these accounts and make sure your employer pays them to your Family Trust, instead of you.
Change your state tax witholdings to "Exempt".
Not sure how they could come after you at this point because you essentially own nothing and make nothing after doing this. Your Trust, which isn't even under California jurisdiction, owns and is the fiduciary of everything. You're just a penniless Trustee of your Family Trust.
This post was edited on 6/11/19 at 11:11 am
Posted on 6/11/19 at 11:26 am to BeefDawg
quote:
out of state financial institutions that aren't under California jurisdiction.
I imagine those are few and far between. And the lending institution would have to be making the loan to the Trust, not the individual. Those lending institutions are even more rare.
Posted on 6/11/19 at 11:28 am to BeefDawg
quote:
ACH/EFT all your paychecks into these accounts and make sure your employer pays them to your Family Trust, instead of you.
The state would garnish his wages and there would be few funds left paid out to the employee, regardless of where the employee keeps his money.
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