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Florida Asset Protection News
JUSTICE DEPARTMENT TO HALT FLORIDA MAN’S ASSET PROTECTION SCHEMES
WASHINGTON, D.C. - Today the Department of Justice filed suit in federal court in Tampa, Florida, to stop David Marvin Swanson of Sarasota, Florida, from allegedly promoting an illegal tax scam that involves the use of sham trusts and limited liability companies. The government simultaneously filed a motion asking the court to enjoin Swanson immediately from these activities. In addition, the government also seeks a complete list of Swanson’s customers.
According to the papers filed with the court, Swanson, who also does business as Dynamic Monetary Strategies, allegedly promotes his system of sham trusts - called “unincorporated business trust organizations” or “UBTOs” - and limited liability companies on his website and in a manual he sells to customers. The manual and website refer to Swanson’s schemes as a form of “asset protection,” which the lawsuit claims is a mere ruse for the illegal tax avoidance which is the real focus of his activities. While he now works alone, the lawsuit alleges that he was formerly an associate of Florida-based Carel “Chad” Prater, who in 2002 was ordered by the Tampa federal court to stop his schemes. The lawsuit explains that Swanson’s system-which he has sold to hundreds of taxpayers-is intended to help his customers illegally drop out of the tax system, making it difficult to detect their tax evasion.
Going off-shore with asset protection is becoming very common
Asset Protection can involve utilization of out of country corps., banks, partnerships, ,trusts, funds, management firms, to legally safeguard assets, plan for the future, minimize taxes and get involved in globally investing opportunities.
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Definition:
When you divide your money among various types of investments, such as stocks, bonds, and short-term investments (also known as "instruments"), you are allocating your assets. The way in which your money is divided is called your asset allocation.
Totten trust
Definition:
A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.
Portfolio
Definition:
A collection of securities assembled for an investment goal.
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