USF St. Petersburg campus Faculty Publications
The use of wills and asset protection trusts in fraud and other financial crimes.
Document Type
Article
Publication Date
2017
ISSN
0012-5938
Abstract
According to the Internal Revenue Service, 2.9 million Form 1041 (domestic trust) tax returns were filed in 2009. It is predicted that beneficiaries will receive wealth transfers in the tens of billions passing via trusts. Accompanying this growth has been a proliferation of abusive estate planning, such as asset protection trust schemes to reduce income and tax liability; illegal techniques to depreciate personal assets, deduct personal expenses, and underreport income; and participation in money laundering. This Article highlights and analyzes wealth transfer and preservation fraud and trust schemes, scrutinizes both offshore and domestic asset protection trusts, and provides red flags of fraud to assist in the prevention and detection of wealth transfer and preservation fraud schemes.
Publisher
Drake University Law School
Recommended Citation
Stowell, N.F., Johanson, E., & Pacini, C. (2017). The use of wills and asset protection trusts in fraud and other financial crimes. Drake Law Review, 65, 509.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
Comments
Citation only. Full-text article is available through licensed access provided by the publisher. Members of the USF System may access the full-text of the article through the authenticated link provided.