The Marvont Group

Tips on how to avoid asset protection scams by The Marvont Group

It is evident that no one is immune to becoming a tax victim because scammers have been very sophisticated and widespread nowadays. The Marvont Group, a well-known firm in Tokyo, Japan that specializes in asset protection trust, provides significant tips below on how to avoid common scams, especially with regards to asset protection. Please note that you could lose all your hard-earned money if you fall for one of these schemes and scams.

Have you ever encountered an individual marketing himself as an asset protection expert? Think twice before trusting him because that person might be a crook. The Marvont Group suggests that it is important to verify the references as well as the training of the supposed expert at all times. Please note that a real asset protection expert have a substantial tax and international law training.

"Save Income Taxes"

Never believe anyone who assures you that an asset protection plan could save you income taxes. The Marvont Group review states that asset protection planning will not save you a cent on income tax, but it can help you with estate taxes.

Think Carefully When Considering a Foreign Trust Company

When someone convinces you that you should place your money with a foreign trust company since it's cheap and simple, the Marvont Group suggests that you mustn't trust that person. Don't trust a foreign trustee, or anyone else, with your hard-earned money. Consider it a red flag when someone tells you that you must "trust" someone else.

"There will be No Equity to take once we Encumber your Property"

Don't be swayed by a practitioner who tells you that a related entity will encumber your assets with bogus loans. This scam is widespread nowadays and in line with the Marvont Group review, it does not work and it'll only cost you a lot of money and trouble.

"You don't have to Pay Taxes since it's an Offshore Account"

Don't believe a practitioner who says that the Internal Revenue Service (IRS) can't find or tax the offshore account they're recommending because the IRS has more than 400 individuals working in the Financial Crimes Enforcement Network (FinCen) nowadays. And their aim is to locate such accounts. Doing this is a crime and the Marvont Group has witnessed the United States spend millions of taxpayers' dollars to prosecute such crimes. Please remember that U.S. citizens or residents are taxed on their worldwide income from whatever source derived.

Beware of Nevada LLC/Incorporation Scam

Don't be convinced when someone tells you that Nevada has secrecy laws and its tax free. The Marvont Group advises you to stay away from Nevada corporations, unless you live in and work, or are involved with Nevada then they're totally fine. For certain reasons, most of the marginal schemes use Nevada corporations and addresses. Take into account that this doesn't work and it should be considered as a red flag.

"Don't tell them About it"

Never put your trust in an entity that will ask you to lie. Always remember that an asset protection should work since it is done properly. Don't let yourself be placed into a position where your protection is based on deception. If all the details of your asset protection plan come to light, you shouldn't be compromised.

"Give it to your Partner and they can't get it"

If a practitioner tells you to "give it away" to a spouse or child, it's usually too late. Bear in mind that this normally doesn't work. It will always be a bad idea unless you're going to make the gift anyway.

Consider a Second Opinion

Do you believe a practitioner who recommends a "family limited partnership" and "charging order protection" as adequate? If yes, then you mustn't because it often isn't. The Marvont Group advises you to seek a second opinion from that person.

Watch Out for Seminar and Mass Marketing Promoters

Be extra careful with seminar and mass marketing promoters since they are mostly scammers. The best asset protection is often expensive and simply requires expertise and time. You must avoid bargains because you usually get what you pay for.

Alaskan and Delaware Trusts

Alaskan trusts and Delaware trusts are not as significant as advertised as an asset protection tool. Remember the full faith and credit clause in the constitution. Sister state judgments are enforceable in both Alaska and Delaware. The ones who only benefit in these trusts are the lawyers and trust companies in these countries.

Pure Trusts and Constitutional Trusts

Pure trusts and constitutional trusts are pure fraud. These trusts are identified in the trade as "con trusts" since they are developed by a con man. They don't work and they'll only get you into trouble. A lot of circuit courts have considered them fraudulent as a matter of law.

Offshore Bank Accounts and Credit Cards

If done properly, offshore accounts are certainly great and safe, but remember that they will not save you any taxes. Be careful on the often advertised "offshore credit card" which will cost you a $200 processing charge. Many of these marketers are only scamming you. Expect that you'll wait for a long time for the delivery once you buy the card.

Sales Commissions

Keep an eye on fee-based financial planners who charge a fee and take sales commissions. The Marvont Group has seen many individuals lose a lot of their principal for the sake of asset protection. You don't need to give up control of your assets.

Offshore Personal Banks

The Marvont Group wants you to remember that offshore personal banks won't help. They might cost a quarter million or more, but it won't do much more than cause you an enormous accounting and legal nightmare.