The Bottom Line: If something sounds too good to be true, it probably is.
Everyone likes to save money. The more you make, the more you can save. And the more you make, the more taxes you pay.
Money in the bank is a good thing. Minimizing outgoing payments is a strategy used by many, from monthly income:expense and profit:loss evaluations to buying on sale and using as many tax deductions as possible.
In that light, many look for reduced taxation. What is the best way to avoid business income tax? How about that IRS bill, late taxes, penalties, and interest?
Maybe you have a wonderful guy or gal that came and spoke at your elite group of professionals, so you think,
He must be okay.
She must be trusted.
They tell you about something you’ve never heard of, admitting that lawyers don’t even learn it in law school. It involves an “irrevocable trust” which gives pause right there, but it seems so convincing…
…and when you hear this is the way politicians and rich folks avoid paying taxes, and you know O.J. put his million dollar house in a trust (and got away with keeping his home because of that trust) and furthermore, that it’s perfectly legal, you do hear that little voice in your head saying,
Hmmm… Maybe I can be just like those people…Maybe there’s something they’re hiding from me…
The thoughts pull at you, and then you tell someone close to you about it. They laugh or think you’re crazy, but you decide to do it anyway. It’s just so tempting.
Then they take your money, a good chunk you can’t afford to lose… but it’s cheaper than paying taxes. Or so you think. You don’t even think you could go to jail for this.
ABOUT THIS BUSINESS SCAM:
This business scam is often sold as a way to protect assets. The “Pure Trust” involves the transfer of an active business into a trust.
While this gives the appearance that the taxpayer has given up control of the business, the terms really provide that the taxpayer, who operates as a trustee or a sham entity, still runs the ongoing daily activities and does control the business’ income stream.
Common aliases by scam artists who sell these:
Pure Trusts -- Contract Trusts -- -- Patriot Trusts -- -- Freedom Trusts --
-- Business Trust -- Unincorporated Business Trust -- Equipment Trust --
-- Service Trust -- Final Trust -- Common Law Trust Organizations (COLATOS) --
-- Foreign Common Law Trust Organizations (FORCOLATOS) -- Corp Sole --
-- -- GPG Trust -- Complex Trust System -- --
HISTORY, ARTICLES & UPDATES ON CONSTITUTIONAL / PURE / BUSINESS TRUSTS:
This is an Abusive Tax Evasion Scheme
IRS.gov: Abusive Trust Tax Evasion Schemes - Facts on the Business Trust
The Complex Trust Is Simply The Criminal Tax Evasion Device Known As The Pure Trust, Repackaged
THE PURE TRUST CAN MEAN JAIL TIME
The courts have already held that a Pure Trust be disregarded. It also finds the business income is taxable to the taxpayer. Moreso, some have served criminal tax evasion time… such a pity!
Legal Cases & Criminal Sentences for those who have used Constitutional Trusts & Pure Trusts
https://www.quatloos.com/taxscams/contrusts.htm
Estate Planning Lessons – Even Check Out Wesley Snipes here, with the “Pure Trust” Argument
“Actor Wesley Snipes is a perfect example of an innocent victim of bad advice – at least that’s what his defense counsel claimed at his trial several years ago. Whether he was a willing participant in a tax evasion scheme or an innocent victim of a persuasive shyster we may never know. We can, however, learn some valuable lessons from his very public tax evasion trial.
Award winning actor Wesley Snipes made close to $40 million between 1999 and 2004, yet paid absolutely nothing in income tax during that time period. In fact, he didn’t even file income tax returns for the years in question. Eventually, Uncle Sam caught on and filed criminal tax evasion charges against Snipes. Snipes and his co-conspirators, an accountant and an anti-tax ideologue, argued that a technicality in the Internal Revenue Code allowed him to escape taxation of his earnings. More importantly, the actor’s defense team argued that Snipes should not be found guilty because he relied on the advice of those co-conspirators. The jury bought his defense, finding him not guilty of the most serious charges. Although Snipes avoided a potential 16 year prison sentence, he did eventually have to serve some time in a federal prison and owed a small fortune in back taxes, penalties, and interest.”
What is The Pure Trust Scam?
https://dennisfordhamlaw.com/articles/2the-pure-trust-10-28-09/
A “Pure Trust” = Pure Hogwash
https://legaltalktexas.hammerle.com/legal-talk/pure-trust-pure-hogwash/
Pure Trusts: An Unincorporated Business Organization Trust
https://www.assetprotectiontraining.com/pure-trusts-pure-crap/
ASSET PROTECTION
The good news is that you don’t have to seek a sly way to avoid paying taxes. You can find novel, trusted, and customized solutions to not only address taxes, but to safely build assets in light of estate planning.
Who do I recommend? The icon United Bank of Switzerland (UBS), which boasts several white papers on protecting assets using a variety of trusts - so you can find the one that is best for you and your family.
And in case you’re wondering how I learned all this, call my sister Maria Kutscher who is a financial planner at (949)-717-5609. I’ve been in the medical field for 30 years, and she’s been in the financial planning business for 30 years.
I’ll tell you a bit more about Maria in a subsequent Substack, but trust me (I’m a doctor) when I say that our family ethics are old-school and place God above all else.
I know she will give you top-of-the-line, legitimate and mainstream information not only to be proud of, but to grow and safely protect your assets.
To get you started, here are a few white papers:
COVER YOUR ASSETS:
WHITE PAPERS FROM THE UNITED BANK OF SWITZERLAND
Thank you for staying out of IRS trouble while keeping your money safe.
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