A key part of this scam was to use Irrevocable Trusts because "that's what rich people have." Yes, rich people use these for protecting large assets from frivolous lawsuits on a daily basis. They do not start Irrevocable Trusts with little to no assets or money in them. They pay thousands of dollars to get a good Trust that will protect the assets they place into the Trust.
There's nothing illegal in making an Irrevocable Trust. They're perfectly legal. However, think about who the Trustee will be. See the article about Gary A. Smith who will be the Trustee. Scams don't have to be illegal in everything they do.
There's nothing illegal in making an Irrevocable Trust. They're perfectly legal. However, think about who the Trustee will be. See the article about Gary A. Smith who will be the Trustee. Scams don't have to be illegal in everything they do.
Read this about Irrevocable Trusts: http://financial-dictionary.thefreedictionary.com/Irrevocable+Trust Understand you are GIVING YOUR MONEY AWAY to the Trustee, who then controls ALL ASSETS.
The rich put assets THEY ALREADY HAVE into the trusts, either money, stocks, bonds, real estate, any kind of asset with large value they would otherwise own outright. Why? They wish to prevent frivolous lawsuits for ALL THE ASSETS IN THEIR NAME. They also usually assign legal firms, with long histories and large assets themselves, not individuals, as Trustees.
Do not fall pray to Irrevocable Trusts as part of a get rich quick scam. You will give your money away to an individual, and receive little or nothing in return
You will not become rich if you fall for this or similar scams.
TANSTAAFL
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