feds can account for dirty money of drug dealers when they audit their cash flow, but curtis, an artist who's been making money the clean-route for 10+ years is somehow smart enough to evade them... in the sum of tens of millions of dollars, huh?
no paper-trail, huh?
maybe curtis got $100 million and a copy of detox in a safe buried under the projects in southside, queens.
A trust that can't be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.
This is the opposite of a "revocable trust," which allows the grantor to modify the trust.
INVESTOPEDIA EXPLAINS 'IRREVOCABLE TRUST'
The main reason for setting up an irrevocable trust is for estate and tax considerations. The benefit of this type of trust for estate assets is that it removes all incidents of ownership, effectively removing the trust's assets from the grantor's taxable estate. The grantor is also relieved of the tax liability on the income generated by the assets. While the tax rules will vary between jurisdictions, in most cases, the grantor can't receive these benefits if he or she is the trustee of the trust.
The assets held in the trust can include, but are not limited to, a business, investment assets, cash and life insurance policies.
"A chapter 7 bankruptcy allows you to wipe your debt slate clean and get a fresh financial start. In this type of bankruptcy, you surrender control of your assets to a trustee, who may liquidate or sell them in order to pay your creditors. Often an irrevocable trust with a minor beneficiary is protected from your creditors, but depending on the timing of when the trust is created, as well as your reasons for creating it, it may be vulnerable.
Trusts and Bankruptcy
A trust shelters assets on behalf of a beneficiary. If you've set up an irrevocable trust for your child, the trust under the control of someone else, your selected trustee. You are no longer considered to have any ownership or control of the assets, and you can't change the terms or revoke the trust except under very limited circumstances. Therefore, an irrevocable trust that you've set up for a minor often remains protected from your bankruptcy proceeding -- you don't have any ownership of those assets, so there's nothing for your creditors to take from the trust. The assets don't belong to you.
UFTA Law Under the Uniform Fraudulent Transfer Act, if you transfer property to an "insider," such as a minor relative, with the intent to defraud a creditor, that creditor has the right to sue and recover the property. This would effectively lay another court case over your bankruptcy, even if the bankruptcy trustee makes no claim on the assets of an irrevocable trust. In addition, the creditor would have the right to sue the insider who received the assets, or the trust that holds the property. If the creditor wins a judgment, the court can order seizure of assets out of the trust.
Actual and Constructive Fraud If the bankruptcy court decides you have moved assets into an irrevocable trust with the intent of sheltering them from your creditors, you could be charged with fraudulent conveyance. Whether it's considered "actual" fraud, meaning that you really intended to hide the assets from your creditors, or whether it's "constructive" fraud, meaning that you unintentionally did so, the effect was the same: you cheated your creditors. For example, maybe you had no idea that it was against the law to try to shelter your own assets from bankruptcy by creating a trust for your child. Even if you intended to do nothing wrong, it might be considered constructive fraud.
Lookback Periods
According to Goldstein & Clegg, LLC, the bankruptcy court can look back four years before you filed the bankruptcy petition, to see if any trusts were created or assets were given away. For example, if you set up your irrevocable trust for your child five years before you filed for bankruptcy, the trust should be safe from your creditors. If you created it three years before, it may be vulnerable. The trust could be declared void and your creditors then would be paid with the assets.
See I possess something most of you gunit nut lickers don't: Intelligence and common sense
I understand that nikkas been making laws 300 years before Curtis got clapped up.
I understand that, when it comes to $$$$$$$$$$$$$$$ in America, EVERY LOOP HOLE has been tied up.... Before I even think about it
So unless you believe Curly put some shyt in people name over 4 years ago PLANNING for this bankruptcy, any "irrovocable trusts" are void.
Oh wait: SMS audio Lawsuit was just last year... So, he had no idea he'd be slapped with that $18 mil penalty 4 YEARS AGO (since, it just happened last year, get it?)...
I honestly admire your vigilant effort.... But sorry to say, checkmate.
50 Cent was promoting his vodka at some liquor store in the BX that made me question how rich he really was...
He's worth more than $4.4M with all his investments but he probably has $4.4M in the bank like physical money. Never trust those articles saying how much rappers have.
That's nothing to clown but will all the records he sold and all the business wins I'd thought he'd have more.
a) Fif always been a grassroots marketing kind of dude, not surprised to know that he was in your hood. I remember in the Chi he was in f*ckin' Dolton, a f*ckin suburb on the south side for New Years eve, and this was a few years back
b) Might be part of the troll job, he might be 1000% in character right now, we're talking about a dude who dropped damn near 100 lbs for a movie role
feds can account for dirty money of drug dealers when they audit their cash flow, but curtis, an artist who's been making money the clean-route for 10+ years is somehow smart enough to evade them... in the sum of tens of millions of dollars, huh?
no paper-trail, huh?
maybe curtis got $100 million and a copy of detox in a safe buried under the projects in southside, queens.
what you wrote is talking about sole-proprietorships and LLCs (and the part about LLCs seems off too, i'm actually gonna look that up cause i'm curious on that). but if the money is in a corp, then it belongs to the corp, not him. the corporation (private or public, not the same as a limited liability company) is considered a legal person. Here in canada they can even vote.
the original article did say that his net-worth is 4.4 mill. this would mean that if you add the value of all of his equity in each of his companies + all other assets - all liabilities you get 4.4. no matter how you cut it, even if he's lying about some shyt, he might not be doing as well as people thought...
Nikkaz not knowin' you can be the majority owner of a corp and the signatory on the corp bank account is not you. A lot of broke dudes exposin' their lack of knowledge here
Well i think the there is alot of conflation and dumb nikka logic in this thread. (personal bankruptcy is TOTALLY different from a company filing bankruptcy which is what P and Trump did)
I dont think he is rich as some think he is, and he isn't as broke as he says he is. The answer lies in the middle
I been telling yall for years rappers are the biggest liars on the planet. I worked in radio and concert promotions for years. I can attest first hand that alot of these nikkas be fronting. Alot of your favorite rappers was in 500k videos leeching off strippers to pay their cell phone bills. I promise.
The thing about 50 is this. He placed all his value in sales at one point. He clowned other nikkas, that was his entire self worth. When his sales fell then he had to switch the narrative over to being some sort of genius mogul. He orchestrated this through some shrewd moves, plus he knew nikkas dont fact check shyt. Just say it and nikkas accept it as gospel. Just like his Vitaminwater deal. 50 said he got 100 million, so nikkas ran with it. Did Coke or Vitamin water ever say it.......nope. He got paid, but knowing how much rappers lie lets say he got half of that......50 mill. Then he had the headphones deal. He promoted the shyt outta them. But i live in a black city and i can tell you i aint seen not one nikka with them on. Not one.
I mean there is more, but i dont think Fif is lying when he says he not as rich as some folk says is. Either way he is fukked because the feds are cracking down on perjury in bankruptcy cases.........especially high profile ones. This is the biggest one yet. If Fif think he is gonna lie his way out of this, he gonna learn.
Again, to all those claiming he has so much stashed away, what does he gain by destroying his own brand value just to avoid paying her? Suppose he comes out of this unscathed financially, do you see anyone wanting to work with his brand anymore? Aside from die hard fans this move killed the cow he was milking.
What's the saying "bad press better than no press" or something like that? 50 cent is on everybody's mouth across every demographic in the country, sh*t probably in several countries. People get very interested in the fall of a man, a lot of hype being generated about Fif, I bet you Southpaw does numbers in the box office, wonder how much they "loaned" Fif
"Under questioning from Freidin, Jackson said he has been paid as much as $100,000 for appearing at a nightclub and in the movie "Spy." But he was less revealing about how much he earned from various partnerships, licensing agreements and business deals with larger corporations such as The Walt Disney Co., Intel and Reebok.
"You have to ask my accountant," he said when asked whether he earned $100 million when vitaminwater was purchased by The Coca-Cola Co. in 2007."
Jury just can't arbitrarily slap you with a $10 million dollar debt breh, this ain't Communist Russia They will have to PROVE it. 50 proved he's worth 4.4 milly, so the question is, can you prove otherwise?
Jury just can't arbitrarily slap you with a $10 million dollar debt breh, this ain't Communist Russia They will have to PROVE it. 50 proved he's worth 4.4 milly, so the question is, can you prove otherwise?
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50 stans have to believe he's some sort of genius mastermind on Bruce Wayne's level. Their delusional as fukk.
