Can I Protect Assets from Seizure When Accused of Embezzlement?

 Posted on August 31, 2023 in Uncategorized

If you are accused of embezzlement, you may worry that your assets can be taken away. The steps you can take to protect your assets will depend on your specific circumstances. However, there are some general things you can do, such as talking to a lawyer, moving your assets into a blind trust, giving up ownership of your assets, hiring a financial advisor, or considering bankruptcy.

It is important to remember that there is no guarantee that any of these steps will work, but they can help improve your chances of protecting your assets and your financial future. An experienced Dallas, TX, embezzlement attorney may be able to assist you in protecting your hard-earned wealth.

Consult an Attorney

When you consult with an attorney, be sure to bring all of the documentation you have about your assets, including bank statements, investment statements, property deeds, and any other relevant documents. Be honest with your attorney about your financial situation and about any assets that you may have hidden. Ask them about the specific laws in Texas regarding asset seizure and about the best strategies for protecting your assets.

Legally Move Your Assets

You can consider moving your assets to a blind trust. A blind trust is a trust that is managed by a trustee who is not aware of the identity of the beneficiary. This can help to protect your assets from seizure because the trustee will not be able to disclose any information about the assets to law enforcement unless the trustee believes that the assets are being used to commit a crime.

Give Up Asset Ownership

When concerned about a possible asset seizure, you can divest yourself of ownership by transferring your assets to a family member or friend. However, it is important to note that this may not be effective in all cases, as law enforcement may still be able to seize the assets if they can be linked to you.

Hire an Advisor

A financial advisor can help you to develop a plan to protect your assets from seizure. They can assist in moving your assets to a safe location, and they can also help you invest your assets in ways that will make them less vulnerable to seizure.

Consider Bankruptcy

As a last resort, you could file for bankruptcy. Bankruptcy can help to protect some assets from seizure in some cases. However, it is important to speak to an attorney before filing for bankruptcy, as it is likely to have other negative consequences. Some of these consequences include:

• Damage to your credit score

• Loss of other assets such as your home, car, and valuables

• Future debt restrictions make it difficult to finance future purchases

• Legal fees for bankruptcy can be quite expensive

• Social stigma, in some cases, which could cause stress and anxiety for those filing

Receive a Free Consultation from a Dallas, TX Criminal Defense Attorney

When facing embezzlement charges, the last thing you need to worry about is whether or not your assets are protected. An experienced Dallas, TX, embezzlement attorney can help defend you against these charges. Spencer & Associates has experience in these legal matters, and can provide a complimentary consultation at 214-385-8500. Time is of the essence, so call now.