These are the most common questions I get and they can be answered by looking at the most publicized murder trial in US History, the O.J. Simpson case.
Orenthal James Simpson was acquitted of murder charges in the 1995 trial accusing him of killing his ex-wife Nicole Simpson and her boyfriend Ron Goldman. His story is a perfect example of how and why asset protection works.
Let’s put aside moral judgments and look at the asset protection strategies he used. We’re not talking about guilt or innocence; we’re talking about asset protection.
For the first time, millions of people watched how an alleged murderer was able to continue living his wealthy lifestyle even after a $33.5 million judgment was entered against him.
We’ve seen photos of his Florida home. We’ve watched, as he played golf at some of the most elite courses in the country. And, we know he’s living the same lifestyle as he did before the judgment. That’s because the Goldman’s have only been able to get a Rolex watch and his Heisman trophy.
This is how he did it.
He moved to Florida because the golf was better, the private schools were nicer and frankly the people in Los Angeles didn’t want to talk to him anymore. But no one’s collecting any money from Simpson.
After he was acquitted from the criminal charges, the Goldman family sued him for the wrongful death of their son and they obtained a judgment for $33.5 million. Simpson was required to list his assets in a court filing. Initially, he listed having no assets, but he was wearing a $20,000 Rolex watch. After some battling, it was determined he owned the Rolex watch and it was seized. It was also determined he owned the Heisman trophy he won playing football. It was also seized.
What about the Beverly Hills house?
What about his money?
What about his Grand Piano?
What about the home furnishings?
What happened to everything else?
Court records indicate the Goldman’s have received no additional money, no additional antiques, and none of Simpson’s belongings.
Simpson’s pension plans from the NFL and Screen Actor’s guild are exempt from judgments and protected by California Law and there was no need to protect them any further. These churn out a healthy $25,000 each month, allowing him to continue playing golf and sending the kids to private school.
The Beverly Hills house was worth an estimated $3.5 million, but O.J. had surrounded himself with smart people who realized $2 million in equity was a large target and people might sue him for it. Long before the murder case, lawyers helped Simpson “equity strip” the house so it would have no real value.
Simpson’s lawyers placed equity stripping liens against the house. These liens would have to be satisfied before a seizure could take place and the funds would have gone into trusts setup by O.J. In other words, they could have taken the $3.5 million house but it would have cost $3.5 million. There would have been no point and the Goldman’s left the house alone.
In Florida, he has a boat, house, cars, an office and more but he doesn’t own anything. These items are leased or held in trust. By law no one can seize leasehold interest and the items held in trust are also protected.
How does he buy houses, cars, offices and other luxury items?
It’s believed O.J.’s real money (estimated $10-15 million) is believed to be held in the Isle of Guernsey and protected by trusts. Wherever it is and however much remains, one thing is sure, the Goldman’s aren’t getting anything and O.J. is still living the lifestyle he’s always been accustomed to. Since assets held in trust are not part of your estate, they don’t belong to Simpson. It’s also believed his children are the beneficiary of these trusts, which further insulates them from his judgment.
Now we get back to our questions; is this legal and does it really work?
O.J. hasn’t been charged with any type of fraud. He seems to be doing very well and doesn’t even attempt to hide his money. Remember, this was the most publicized trial in US history. The case has come under the scrutiny of public opinion and judicial officers from several states. The Goldman’s have hired attorneys in Florida, Ney York, and California. No one has been able to get anything from Simpson. Yet, he keeps living his lifestyle.
People were itching to put this guy behind bars or at least force him to pay in dollars for what he allegedly did. They couldn’t because his assets were protected within the lines of the law.
Is it legal? Obviously. If it weren’t O.J. Simpson, Donald Trump, Bill Gates, Warren Buffet, and many others would be in jail.
You can use the same strategy to protect your assets. Learn more on our website.
www.AssetInvestmentTrust.com
Happy reading,
Greg Gardner
Asset Investment Trust Director
Greg@AssetInvestmentTrust.com
980-329-8101
