Can Creditors Collect Bank Trust Fund As Assets?

A bank trust fund can be viewed as an assets. If you are faced with a court situation, your trust fund must be included as an asset.  A bank trust fund, even if you can’t touch the money, is considered an asset. If you don’t claim this as an asset you can face legal issues down the line by not claiming it.

Every year bank fund staff has to report to the IRS all accounts that have a large, or specified balance. They also have to report large deposits. If you have a trust fund, you can be assured that this is being reported as well. This means that if the IRS garnishes you or forces tax levy’s on you that your trust fund can certainly be affected.

A few years ago, tax professionals used to advise people to use trust funds to hide their money away. It didn’t take long for IRS tax collection agencies to catch up with this trend, your trust fund is not a way to stash away money.