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938-5007
("Qualified Domestic Relations Order"), Issues Perplex Consumers
"Life settlements" and other scams
September 2010 -

Many insurance professionals now think that the "life settlement" market is ending. Agents assisting their clients in the sale of their unneeded
"life insurance" policies have no doubt been frustrated by the lack of bids in the current life settlement market. It doesn’t help much either
when the few bids that are made are often much less than what they would have been in years past.....
more
Author/Moderator: Lance Wallach, CLU, CHFC,
Publisher: AICPA

The following example is unfortunately not an isolated incident of an
"abusive sales" practice.  If accountants were consulted more often by their
clients, maybe the following would never happen.

Senior citizen clients thought they had every reason to trust Mr. Sell BigPolicy as a financial counselor.  The insurance agent had obtained a
designation recognizing him as WE DO NOT WANT TO MENTION THE NAME Senior Advisor.  He obtained this designation in 2002, a
credential he made sure to advertise on fliers sent to retirees. He did not mention how easy it had been to get that title.......
more
As seen in The Commercial Flooring Report

by Lance Wallach

These days, business owners have a lot on their plates. Not only do they have  
businesses to run, but they need to have the resources to operate, manage, and
flourish those  businesses in order to stay afloat. Without serious knowledge of things
like finances, taxes, tax audits, and retirement plans, it's hard to keep a shop open for
business and to ensure that your future is in good hands....
more
Vanguard Recognizes Interest In Annuities
From Financial Advisor Magazine -
September 15, 2010

Vanguard, the Valley Forge, Pa.-based investment company, has launched a Web-based service
that lets individuals compare fixed immediate annuities issued by leading insurance companies.

Vanguard Annuity Access, powered by Hueler Companies’ Income Solutions platform, also
offers deferred fixed annuity quotes. Vanguard joins more than a dozen Web sites listed on
“Google” that provide immediate annuity quotes to investors....
more
The New Law Guarantees A Substantial Fine

The bill reducing fines for improperly or not filing under 6707A has passed. That sigh of relief you heard last week might have come from
people participating in the plans named above, or anything seeking tax relief that is similar to them – what the IRS calls a listed transaction.
People think that Congress bailed them out of trouble for participation in such transactions, and that the excessive fines that were being
imposed are now a thing of the past. While the situation is certainly better than it was for some people, and while I do not want to rain on
anyone’s parade, you are still in Disasterville, and the next to last bus out just left......
. more
IRS Hiring Agents In Abusive Transactions Group
October 27, 2010


Here it is. Here is your proof of my predictions. Perhaps you didn’t believe me when I told you the IRS was coming after what it has deemed
“abusive transactions,” but here it is, right from the IRS’s own job posting. If you were involved with a 419e, 412i, listed transaction, abusive
tax shelter, Section 79, or captive, and you haven’t yet approached an expert for help with your situation, you had better do it now, before the
notices start piling up on your desk......
.more
Get superior advice from Benefits Advisor articles: BeAdvised -  Everything is
not fine.
   
November 2010

A few years ago, I testified as an expert witness in a case where a physician was in an abusive 40l(k) plan with life insurance. It had a
so-called "springing cash
value" policy in it............
more

By Lance Wallach

The IRS started auditing § 419 plans in the 1990s, and then continued going after § 412(i) and other plans that they
considered abusive, listed, or reportable transactions, or substantially similar to such transactions. If an IRS audit
disallows the § 419 plan or the § 412(i) plan, not only does the taxpayer lose the deduction and pay interest and
penalties, but then the IRS comes back under IRC 6707A and imposes large fines for not properly filing.
...Read More.
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