CAUTIONARY ALERT
Through one of my physician clients I recently became aware of a new tax and estate planning program being promoted by a California-based firm through local brokers, insurance agents, and financial planners. This plan proposes to eliminate or greatly reduce income and estate taxes, while also providing protection from creditors. It is my understanding that this promotion is primarily targeting the medical community.
I have met with the promoter of this program (along with my tax attorney) to see if it might represent a legitimate and effective strategy for some of my clients. However, we came away from those discussions very skeptical that the strategy could survive the scrutiny of the IRS. Furthermore, the program’s promoters have not provided specific financial information that we requested, despite pledges to do so.
As you know, income and estate tax planning is a cornerstone of my business, and I am always on the lookout for sound strategies that can help my clients – without assuming an inordinate risk of becoming a test case for the IRS. However, if you are approached with any such strategies (especially if they sound a little too good to be true), I urge you to consult with your own CPA or tax attorney, and/or give me a call. We’ll do our best to gather the appropriate information for a solid, conservative assessment of your alternatives.
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jpw@financial-architects.com
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Tucson, AZ 85719
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