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Beware of Trusts Offered by World Contractual Services
The founder of World Contractual Services is awaiting trial in Utah on 29 state felony counts, including securities fraud, in connection with his trust business. He joins about 100 other bogus trust promoters against whom the U.S. Justice Department's Tax Division has criminal cases in the works.
Although bogus trusts have been around for many years, these trusts have gone up-market and mainstream. They attract more sophisticated purchasers, particularly doctors and small businessman who fear litigation. The sham trusts play on "asset protection" as well as "tax minimization" themes.
The success of these sham trusts also is attributable to few IRS audits of trust tax returns, relative to audits of individual and corporate tax returns (although that appears to be changing), and a network of lawyers and accountants who received handsome shares of the fees for setting up these trusts.
Source: Forbes, March 6, 2000
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
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Always consult an attorney and/or investment advisor when building and protecting your wealth.
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