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May 13, 2008

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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.

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Did You Know?

A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.

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Estate Planning Terms

Today's Terms

Gain

Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.

Trustee

Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.

Decedent

Definition:
A person who has died.

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Topics Related to Estate Planning:

Trusts
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Gift Tax

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