Protecting Clients from Fraud, Incompetence, and Scams

Protecting Clients from Fraud, Incompetence, and Scams

Captive Insurance & 419 Plans Litigation: February 2014

Captive Insurance & 419 Plans Litigation: February 2014

Lance Wallach Life Insurance

Friday, March 28, 2014

Life Insurance

In many of Lance Wallachs CPE books he discusses 412i or 412e3 and listed transactions.

One day when you were complaining about what you pay the government, your cousin Tilly suggested that she knew a life insurance agent who could help you with your taxes. You met with him, you listened to his pitch about a deferred benefit plan, and you asked a lot of questions. He suggested a 412i plan, whatever that is. From the initial description it sounded as if you would have to fund retirement for your rotating staff which you weren’t interested in doing, but he told you that he could arrange an executive carve out. You really didn’t have the income to fund it initially but he convinced you to sell your investment real estate, declare your gain as ordinary income, and then buy the plan to offset that.

You’ve been hearing that the IRS is after “listed transactions” and you’re worried. Suddenly you’re having a tough time having cousin Tilly’s friend return your calls. The insurance company whose products fund your plan has taken your calls, but for the fourth time in as many months a representative has promised to get back to you. Honest he will!

You have gone to a new accountant and you learn that the plan was unsuited for you, it was formed improperly, and it’s going to cost you a lot more money than you have to pay the IRS not to mention the accountant and the actuary to sort it all out. Now you are worried that the problems may wipe out your retirement nest-egg and keep you working years longer than you intended.

Fortunately, there are ways to provide for your retirement that can afford you tax benefits while creating a solid retirement fund for your future so that you won’t have to be “that doctor”. However, getting there doesn’t necessarily start with cousin Tilly’s insurance agent friend or the “financial planner” you met on the golf course. If you want to avoid problems in your retirement plans, there are some things you should do.

1. Educate yourself. When you need a new car, do you go to your dry cleaner’s brother who is a car salesman to tell you what you want? Of course not. You choose some cars that interest you, you study them, and then you work with dealers to get the best car for you at the best deal. Why should your retirement planning be different? There are many types of financial advisors. There are also different types of retirement plans available and one is probably more suitable for your current financial capabilities and retirement needs. A great and easy tool is the IRS Retirement Plans Navigator.www.retirementplans.irs.gov.
2. Then find a financial advisor. There are lots of folks who want to sell you their retirement services: insurance agents, accountants, lawyers, stockbrokers and financial planners. Do research about them, search the internet, read about them, contact local professional associations, and use similar resources.
3. Interview potential advisors. There are a number of things you will want to find out, but one question is paramount – are you a fee-only advisor? A fee-only financial advisor is compensated solely by you the customer and not by some mega insurance company or broker for selling you their products. Advisors paid by insurance companies or brokers are not necessarily bad. But they do have a built-in conflict of interest you should recognize going into the relationship – they are only paid when they sell you something marketed by a company they write for. The National Association of Personal Financial Advisors provides an easy way to search for fee-only advisors. www.napfa.org.
4. When you choose an advisor, ask to see plan alternatives. Not all retirem

Lance Wallach - Artcles - 419e 412i, tax shelters, IRS penalties, audits

Lance Wallach - Artcles - 419e 412i, tax shelters, IRS penalties, audits: IRS fines for being in listed transctions of 419e, 412i employee benefit plans, abusive tax shelters - tax shelters, "tax shelter fraud", 419e, 412i, 419, 412,irs audits, irs penalties, 6707a, 6707

Articles: How to get fines by the IRS: 419e 412i, tax shelters, IRS penalties, audits

Articles: How to get fines by the IRS: 419e 412i, tax shelters, IRS penalties, audits: tax shelters, "tax shelter fraud", 419e, 412i, 419, 412, listed transactions, irs audits, irs penalties, 6707a, 6707, defined benefit, pension plans, material advisors, tax shelters, retirement plans, insurance, insurance expert, life insurance, cpa, lawyers, attorneys

Lance Wallach - Article: AT&T& Verizon Unions Deal withRetireeCosts

Lance Wallach - Article: AT&T& Verizon Unions Deal withRetireeCosts: AT&T Inc., the biggest U.S. phonecompany, and No. 2 Verizon Communications Inc. may follow General Motors Corp. in trying to shift retiree health-care liabilities to a union-run fund, a move that has helped boost GM's shares 39 percent this year

Captive Insurance & 419 Plans Litigation: February 2014

Captive Insurance & 419 Plans Litigation: February 2014

Lance Wallach Life Insurance

Friday, March 28, 2014

Life Insurance

In many of Lance Wallachs CPE books he discusses 412i or 412e3 and listed transactions.

One day when you were complaining about what you pay the government, your cousin Tilly suggested that she knew a life insurance agent who could help you with your taxes. You met with him, you listened to his pitch about a deferred benefit plan, and you asked a lot of questions. He suggested a 412i plan, whatever that is. From the initial description it sounded as if you would have to fund retirement for your rotating staff which you weren’t interested in doing, but he told you that he could arrange an executive carve out. You really didn’t have the income to fund it initially but he convinced you to sell your investment real estate, declare your gain as ordinary income, and then buy the plan to offset that.

You’ve been hearing that the IRS is after “listed transactions” and you’re worried. Suddenly you’re having a tough time having cousin Tilly’s friend return your calls. The insurance company whose products fund your plan has taken your calls, but for the fourth time in as many months a representative has promised to get back to you. Honest he will!

You have gone to a new accountant and you learn that the plan was unsuited for you, it was formed improperly, and it’s going to cost you a lot more money than you have to pay the IRS not to mention the accountant and the actuary to sort it all out. Now you are worried that the problems may wipe out your retirement nest-egg and keep you working years longer than you intended.

Fortunately, there are ways to provide for your retirement that can afford you tax benefits while creating a solid retirement fund for your future so that you won’t have to be “that doctor”. However, getting there doesn’t necessarily start with cousin Tilly’s insurance agent friend or the “financial planner” you met on the golf course. If you want to avoid problems in your retirement plans, there are some things you should do.

1. Educate yourself. When you need a new car, do you go to your dry cleaner’s brother who is a car salesman to tell you what you want? Of course not. You choose some cars that interest you, you study them, and then you work with dealers to get the best car for you at the best deal. Why should your retirement planning be different? There are many types of financial advisors. There are also different types of retirement plans available and one is probably more suitable for your current financial capabilities and retirement needs. A great and easy tool is the IRS Retirement Plans Navigator.www.retirementplans.irs.gov.
2. Then find a financial advisor. There are lots of folks who want to sell you their retirement services: insurance agents, accountants, lawyers, stockbrokers and financial planners. Do research about them, search the internet, read about them, contact local professional associations, and use similar resources.
3. Interview potential advisors. There are a number of things you will want to find out, but one question is paramount – are you a fee-only advisor? A fee-only financial advisor is compensated solely by you the customer and not by some mega insurance company or broker for selling you their products. Advisors paid by insurance companies or brokers are not necessarily bad. But they do have a built-in conflict of interest you should recognize going into the relationship – they are only paid when they sell you something marketed by a company they write for. The National Association of Personal Financial Advisors provides an easy way to search for fee-only advisors. www.napfa.org.
4. When you choose an advisor, ask to see plan alternatives. Not all retirem

This Can Happen to You - HGExperts.com

This Can Happen to You - HGExperts.com: Several years ago at the advice of an accountant or investment advisor a client adopts a defined benefit plan for her business. She did so because she had been advised that under this type of plan she

(16) LinkedIn

(16) LinkedIn

We wrote the book on life insurance

We wrote the book on life insurance: he Lance Wallach advantage is credibility, experience & trust !!

Many advisory firms offer financial planning and investment services, but
the difference is that Lance Wallach wrote the books on Life Insurance,
and Financial & Estate planning that the other consultants learned from!

If you want to sleep soundly at night, don't go to the students for your
financial answers, go to the one who teaches them, Lance Wallach!

For the past 25 years, successful businesses and individuals have turned
to Lance Wallach and his team for assistance, and they are glad they did!













TESTIMONIALS

His research and insights have proved right on the
money!”
February 21, 2011
Debra Rothberg,

“Lance is extraordinarily intelligent. He has few
peers, if any, in his area of expertise. I
unhesitatingly recommend Lance.”
June 3
Gary Lesser, Owner, GSL Galactic Consulting

“Excellent results, Google him”
May 27
Larry Wilconsin,

“Lance is a true expert on VEBA Plans. Five years ago,
he took the call of a total stranger, and in doing so, he
spent an hour helping me solve my client's problem.
During the past five years Lance consistently proven to be
a valuable resource for me and my practice.

Small Business Owner's Guide to Tax Reduction: Captive Insurance and Other Tax Reduction Strategies – The Good, Bad, and Ugly

Small Business Owner's Guide to Tax Reduction: Captive Insurance and Other Tax Reduction Strategies – The Good, Bad, and Ugly: By Lance Wallach NSA: Member Link; May 14, 2008. Every accountant knows that increased cash flow and cost savings are critical for business...