Many people who contact me by phone or email present questions about other asset protection tools they read about on the internet or hear from friends. Many asset protection plans sponsored by people who are not attorneys are actually scams. As asset protection becomes more popular, and more people facing lawsuits reach out for help, ineffective and expensive asset protection plans marketed under enticing names proliferate around the country.
There is a website dedicated to uncovering both asset protection and tax avoidance scams, especially offshore planning devices. The website is called “Quatloos”. I suggest that if you hear of an elaborate plan to save substantial taxes in offshore jurisdictions or proposals to hide money from creditors in offshore entities you first see if the plan’s sponsor is found somewhere on the Quatloos website.