Two Biggest Risks to Asset Protection: IRS Tax Audits and Lawsuits
By: Gary S. Wolfe, Esq.
LOS ANGELES - Aug. 13, 2015 - PRLog -- Gary S. Wolfe, Esq. is pleased to announce the publication of his 13th book, Asset Protection 2015: IRS Tax Audits & Lawsuits.
In Asset Protection 2015, the focus is on the two biggest risks to high net worth investors: IRS tax audits and lawsuits. In both arenas, one could lose everything. Consider Kim Basinger, international movie star, who went bankrupt for failing to follow through on an oral contract or the Estate of Michael Jackson facing a $700m IRS tax bill for failures of tax planning and no asset protection.
For this edition of Asset Protection 2015, two all-stars have been brought in as co-authors:
Alan Jampol, Esq, an internationally acclaimed trial attorney who has successfully resolved billion-dollar litigation, offers an expansive insight into the myriad of issues faced by those involved in lawsuits in the US.
Steven Piascik, CPA/MT, founder/owner of Piascick, an international tax and accounting firm with clients in 50 US states and 55 countries offers his expertise on IRS tax audits.
Our goal as authors is simple, to be "forewarned is to be forearmed".
Asset Protection planning that is done either after the audit commences or after the lawsuit is filed can lead to unexpected complications (i.e. fraudulent conveyance issues). Both have civil and criminal implications. Like life insurance, if you don't have it by the time you need it, it's too late.
Asset protection requires litigation expertise, income, estate and gift tax planning/compliance, and IRS tax audit expertise. It should not to be delegated to well-meaning relatives, friends or significant others who lack the necessary expertise and experience. Asset Protection planning needs to be reviewed vigilantly and implemented timely or the risk is losing everything you own.
Asset Protection Planning protects against the following:
1. Lawsuits and claims by 3rd party creditors who may seek pre-judgment "freeze orders" i.e. writs of attachment, restraining orders and injunctions;
2. IRS tax audits, which may include pre-audit asset seizures known as jeopardy assessments;
3. Unexpected life issues: illness, death, divorce, bad investments, family trauma, natural disasters, civil strife and the world wide risk of wars, disease and riots in the streets.
Lastly, Asset Protection requires constant vigilance. Investors lose money in many ways: IRS tax audits, lawsuits or bad investments. With the help of trusted professional advisors you can control your investments, your assets, and your entire net worth.
There is making it, and then there is keeping it. Time to take charge.
About Gary S. Wolfe, Esq.
Gary Wolfe represents U.S. Taxpayers for IRS Tax Audits, U.S. Investors who have International Investments, and Foreign Persons who invest in the United States. We have over 30 years of experience, specializing in IRS Tax Audits and International Tax Matters including: International Tax Planning/Tax Compliance, and International Asset Protection. For more information, please visit gswlaw.com.
Page Updated Last on: Aug 13, 2015