Investment Flexibility with IRAs
In the most prominent tax prosecution since billionaire hotel owner Leona Helmsley, who famously stated "only little people pay taxes," actor Wesley Snipes was convicted of three charges of failing to file tax returns or pay taxes. Snipes is a high profile example of the tax-denier movement, whose members maintain that Americans are not obligated to pay income taxes and that the government extracts taxes from its citizens illegally.

The Employee Retirement Income Security Act (ERISA), which created the IRA in 1974, places surprisingly few restrictions on how retirement money can be invested. Except for life insurance or collectibles - such as artwork or coins - IRA funds can be placed in just about anything.

To take advantage of this flexibility...

Tip of the Month: Don't Neglect the Tax Management Aspect of Asset Protection

Whether asset protection should address saving taxes is an ongoing argument between asset protection providers. Some promoters make outlandish promises of huge tax savings if you purchase their services. Others argue that asset protection never provides tax savings and you should beware of anyone who says otherwise.

Part of the problem lies in how people define "asset protection". Some define it narrowly as protection against civil court judgments. At Bulletproof Veil, we define asset protection as "employing legally compliant concepts and strategies to ensure a person's wealth is not unjustly taken from him or her." Let's apply this definition to taxes. Between income, gift, and estate taxes, you probably stand to lose much more of your wealth from overpaying taxes than from being on the losing end of a lawsuit...

Asset Protection News Highlights

• Georgia Court rules Cap on Noneconomic Malpractice Damages is Unconstitutional ...
• Estate Tax Planning Will be Very Difficult from 2008 - 2011 ...
• Corporation-Suing Attorney Sentenced to 30 Months in Prison ...
• IRS is Increasing Audits of Small Companies while Easing Up on
  Large Firms ...