As our readers know, one of the primary goals of the APS is to “protect the public” from asset protection scams and schemers. The APS also “Rates” advisors so the public can be assured that the advisor they are dealing with has the requisite knowledge to provide competent advice.Because the general public and the advisors who give them advice (attorneys, CPAs, financial planners, etc) often do not receive education on asset protection planning, the APS does what it can through e-newsletters and educational seminars (like the APS Forum in Las Vegas) to provide baseline education.You worked hard to build your wealth and we at the APS want to ensure that you are able to protect and grow that wealth in the most secure and compliant manner.
Bill Reed’s demise.
Please enjoy his comments below.
We live in a dirty, dangerous world. If you have money, I can guarantee that for every person who wishes you well, there is another who just can’t wait to figure out how to get his or her hands on your money.
As you may know, I have a bunch of rules that I ask my clients to live by. Each and every one of these rules is designed to avoid problems and to help you keep control of your hard earned savings.
| One of my pet peeves concerns the many crooked promoters of Asset Protection Plans. Hardly a month goes by when there isn’t a new report of some crook taking a group of doe-eyed customers for everything they are worth. Well, the good news is that this never has to happen to you. |
My favorite crook is Robert Vesco. He is now in jail in Cuba. Since his time, there have been many others, such as Harris and Reed, following in his footsteps. The latest is a well-mannered Christian gentleman and former lawyer named Troy Titus.
Troy is small potatoes compared to a Vesco or a Harris, but he still took the life savings of scores of clients who trusted him to set up Asset Protection Plans.
I strongly recommend you read the details of how Mr. Titus scammed his unsuspecting targets. Doing so will help fine tune your sense so you can spot someone trying to scam your or one of your clients.
The details on Mr. Titus’s story from the Virginia-Pilot. By March or April, I am sure to hear more stories from some other well-mannered crook masquerading as an Asset Protection Guru.
All of the people who lose their savings to these crooks are forgetting one of the most important rules: NEVER EVER TRUST ANYONE WITH YOUR HARD EARNED MONEY UNLESS YOU HAVE TO. Simple as that.
All of the people who lost money to these scammers made the same mistake: They decided to trust the crooks with their savings. This act was never necessary. You should always plan for the possibility that your trust company is crooked. This is not to say that most trust companies are crooked. In fact, in nearly 20 years of doing this, I have not had the misfortune of dealing with a single dishonest trust company. I am not saying, don’t deal with trust companies. I am saying don’t hand over the reigns to them when you do not have to.
Provided the financial seas are completely calm when you put an Asset Protection Plan in place, there is absolutely no reason to simply hand over your funds to anyone, especially some trustee in a far away country. You should always retain enough control, provided creditors aren’t beating down your door, to prevent theft. This is often done by retaining sufficient control over protected assets so that the assets cannot be moved (stolen) without the concurrence of an unrelated fiduciary. If you do this and also make sure that your funds are placed in a Fortune 500 level banking institution (always avoid the boutique banks) you should be OK.
So, as long as you keep sufficient control and only allow your money to be with the majors, you should be well on your way to avoiding the many crooks out there like Titus. There’s no need for you to jump out of the frying pan and into the fire.
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Attend the Next CWPP in-person Seminar
The next 3-day Certified Wealth Preservation Planner seminar will be held near the Newark Airport on the 4-6th of March. If you are interested in learning asset protection planning, advanced estate and tax planning then you should consider attending this seminar. To learn more, please click here.
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To learn about an Expense Reimbursement Program
To learn about an expense reimbursement program for certain advisors who would like to be reimbursed for the expenses of taking the CWPP, CAPP and/or MMB courses. This includes the upcoming March 4-6th CWPP seminar in New Jersey. To learn about the new expense reimbursement program, please click here.