PlanoEstate Planner.

HOME

May 09, 2008

Selecting a financial planner for your financing is a very important decision. Please enter your information below to locate a qualified financial planner in your area

Zip Code:

Estate Planning News

Federal Court Permanently Bars Las Vegas Man From Promoting “Asset Protection” Scheme

Business Allegedly Helped Customers Evade Taxes

WASHINGTON. – A federal judge in St. Louis has permanently barred William S. Reed, the founder of a so-called “asset protection” business, from preparing fraudulent liens for customers and helping customers conceal their funds by having shell corporations own their bank accounts, the Justice Department announced.

According to the government’s complaint, Reed operated the now-defunct Asset Protection Group Inc. (APGI), which helped customers place sham liens on their property to deceive creditors, including the Internal Revenue Service (IRS). Reed and APGI also allegedly helped customers hide their income and assets by holding their money in bank accounts in the names of shell corporations.

The complaint provides examples of six sham liens totaling more than $2 million that Reed and APGI allegedly filed for customers who owed nearly $900,000 in federal taxes. According to the complaint, the IRS has discovered at least 75 APGI customers that have used nominee bank accounts to evade collection of federal taxes. A copy of the complaint is available at http://www.usdoj.gov/tax/txdv07636.htm.

Since 2001 the Justice Department has obtained injunctions against more than 280 tax preparers and tax-fraud promoters. Information on those cases is available at http://www.usdoj.gov/tax/taxpress2007.htm. More information about the Justice Department’s Tax Division can be found at http://www.usdoj.gov/tax.

Contact our Plano estate planning attorney now.

Did You Know?

A Will, is sometimes called a "Last Will and Testament"
Used to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A Will only becomes effective upon your death, and after it is admitted to probate.

	Newsroom
	Latest news about Financial & Estate Planning in Plano and nationwide: More Estate Planning News >

Estate Planning Terms

Today's Terms

Tenancy-in-Common

Definition:
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.

Domicile

Definition:
A person's permanent legal residence. While a person may have more than one residence, he or she can have only one domicile. Typically, the domicile is the same place you use for purposes of voter registration.

Inheritance Tax

Definition:
A tax imposed by the state at the time of a person's death that is based upon the total value of the decedent's estate

More Estate Planning Terms >

Estate Planning Resources

Search Estate Planning resources in our resource center:

More Resources >

Estate Planning Hot Topics

Topics Related to Estate Planning:

Trusts
Wills
Uniform Probate Code
Gift Tax

Plano Estate-Planning Attorney

If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

Alvin
Amarillo
Arlington
Austin
Baytown
Brownsville
Burleson
Carrollton
College Station
Cypress
Dallas
Del Rio
Desoto
Eagle Pass
Edinburg
El Paso
Flower Mound
Fort Worth
Friendswood
Garland
Grand Prairie
Grapevine
Harlingen
Houston
Irving

Katy
Laredo
League City
Lewisville
Mcallen
Mesquite
Mission
New Braunfels
North Richland Hills
Palestine
Pasadena
Pharr
Plano
Richardson
Richmond
Round Rock
San Antonio
San Benito
San Marcos
Seguin
Spring
Sugar Land
Victoria
Weslaco

Legal Disclaimers
All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Plano Estate Planner.com is not intended to be legal advice, but merely conveys general information related to legal issues commonly encountered. Your access to and use of this website is subject to additional Terms and Conditions.