As asset protection attorneys, we have been encouraged to see that more people are waking up to the need to preserve their wealth judiciously and legally. Unfortunately, this growing demand for asset protection has meant that people are now at risk from unscrupulous and unethical fly-by-night asset protection advisors and lawyers. There are all kinds of scams currently being perpetrated, most of these on the Internet. So, how do you differentiate between a scam and the real deal?
One of the first things that should alert you to the fact that the person you are speaking with knows nothing about this field, is any mention of saving taxes and protecting assets in the same sentence. We never tire of repeating this. Asset protection is not to be considered as a means of saving taxes. In fact, if your advisor promises to save you taxes on your plan, that should be a cue to find yourself another expert, preferably a lawyer with experience in this field.
Another sure sign that you need to run as fast as possible from your asset protection advisor, is a one-size-fits-all plan. Each individual’s wealth preservation needs are different. A one-size-fits-all plan therefore simply will not take all your wealth preservation objectives into consideration. You advisor must be able to work with you to decide on a domestic plan, or an offshore trust that works for your financial goals.
Unfortunately, the market is now filled with so-called asset protection consultants. These people have no training in this field, and no experience in the nuances of wealth preservation to speak of. Even worse is the fact that people often get trapped by these false promises, with devastating financial and tax consequences for them.
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