If you are interested in protecting your assets, it’s important to be aware of asset protection scams. The following article will provide an overview of common asset protection scams and how you can protect yourself. Additionally, if you are interested in asset protection planning, fill out the free, no obligation form on the right to find out how an asset protection attorney in your area can help you develop a plan that is both legitimate and effective.
The most common asset protection scam is known as the “Pure Trust” scam. This scam involves a non-existent type of trust that is known by a number of names including the following:
- Business trust
- Common law trust
- Constitutional trust
- Foreign common law trust organization
- Patriot trust
Although the scam artists who run these asset protection scams sound convincing, pure trusts are easily defeated on several theories. For instance, pure trusts generally have an illegal purpose, such as tax evasion.
Other common asset protection scams include:
Asset Protection Seminars: While there are many legitimate asset protection seminars, the majority are run by scam artists. These dishonest individuals make a profit by running an expensive seminar, costing up to $2500, or a cheap seminar that sells expensive but worthless materials, such as asset protection kits and do-it-yourself forms. Many illegitimate asset protection seminars also plant paid individuals who will rush with their credit cards to the materials table in an attempt to get others to do the same.
Books on Offshore Trusts: There are many do-it-yourself books on offshore trusts. However, many of these books fail to inform the reader of the reality of offshore trusts, which tend to have a bad reputation for just reasons. If you are interested in establishing an offshore trust, speak with an estate planning attorney.
Asset Protection Institutes: In this asset protection scam, a handful of marketers will guise themselves as an “institute” to fool you into thinking they understand asset protection law. While this practice is not technically illegal, it is often misleading and charges a substantial amount of money for little expertise.
Ultimately, there are a number of asset protection scams that attempt to fool individuals wishing to safeguard their worth. If you are interested in developing an asset protection plan, you should speak with a qualified attorney who is fully experienced in asset protection and estate planning. To contact an asset protection attorney in your area, complete the free case review form on the right.