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Avoiding Asset Protection Scams

You should know certain things before you choose an Asset Protection Planner.

In the financial arena, there are "so called" professionals and practitioners who break the laws and cross ethical boundaries in every business and vocation. With regards to the practice of Asset Protection, and the consequences of illicit and illegal activity, these scams and swidles are regarded as severely contrary to public interest. These crimes involve the hard-earned savings and assets of citizens, but there is an inherent dilemma. Often criminal activity is not exposed until the assets and earnings of the citizens are stolen and depleted. For this reason, citizens should be aware of some basic principles that set crime apart from experienced, legitimate Asset Protection specialists.

Asset Protection trusts are not tax shelters. A US citizen must pay taxes on all their worldwide income. A well-known professional should evaluate advertisements that promote huge savings on taxes before engaging into any agreements.

Another frequent indicator of a predator is the fact that predators ask their clients to trust them. Financial predators operate on misplaced trust. They want a client to relinquish control of their wealth without implementing any checks and balances. Unfortunately, once the money and/or assets change control, usually by signature, the predators can simply take the money. Legitimate Asset Protection Specialists never ask for blind faith when it comes to a client's money and they never ask for control. Do not ever wire your money to a practitioner's account, for them to make the investment on your behalf.

Sometimes planners with nefarious motives will not want to work with a client's lawyer or accountant. They will make some kind of excuse. The truth is that a professional Asset Protection specialist gains valuable insight on how to construct a reliable plan by working with their client's lawyer and accountant. The term in the industry is due diligence, the research and investigation diligently due to a matter. There should be a red flag if anyone discourages due diligence, recommendations or investigations.

All banks today have rules requiring disclosure of records regarding their client's accounts. Post 9/11 legislation has eliminated banking secrecy. Every government in the world can now discover where their citizens are keeping their money. A thief out to steal assets may try to convince victims that their money is safe if it is placed in an obscure location. The problem arises when wire transfer or other means account for money transferred and deposited and no documentation or tax reporting exists for the account holder. Every country in the world punishes this practice even if a bank does offer a "secret" account claiming to be legitimate.

A planner who places your assets in any position for theft is not acting in your best interest. If at any point in time you do not control your assets, you are in jeopardy.

A person considering Asset Protection should be on guard against outrageous claims and over-eager sales people. Like all legitimate services, Asset Protection takes time, careful research, paperwork, and experienced professionals to create a product that will be both valuable and durable.

Notable Quotes:

- Chief of Criminal Investigations, IRS, Nancy Jardini - 2004

"The IRS has made the investigation of abusive schemes a national priority. Individuals who promote these schemes as well as some of their clients are getting the message that this type of abusive activity will not be tolerated."

-  Assistant Attorney General, Eileen J. O'Conner - 2004

"Moving assets offshore or into bogus trusts to hide them from the IRS is always a bad choice. People who participate in such schemes risk losing their assets to the tax scam promoters and being prosecuted for tax fraud. In the end, they will still owe the taxes, plus interest and possible penalties."

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