An uncovered asset is simply property or something else of value that has been revealed to exist.
Uncovered means found or discovered. Assets are generally anything of value including
- personal property
- real property (real estate)
- intellectual property
For example, John may hide from his relatives the fact that he owns a boat. Sarah may search the government’s vehicle license database and reveal that John is the owner of a boat. Sarah has uncovered an asset. Said another way, the boat is an “uncovered asset.”
Today, technology makes it difficult to hide assets of significant value. For those who are concerned about losing their assets, a better approach is focusing on legal asset protection. Unlike hiding assets, “asset protection” is the term used to describe protecting assets through legal strategies. Attorney Aaron Hall helps people protect assets from nursing home costs and other risks by using legal strategies that withstand court scrutiny.